Chinese president arrives in Argentina for state visit - China eyes $500b annual trade with Latin America in 10 years Chinese President Xi Jinping arrived in Buenos Aires for a state visit to Argentina, the second leg of his four-nation Latin America tour, July 18, 2014. BUENOS AIRES - Chinese President Xi Jinping arrived here on Friday for a state visit to Argentina, the second leg of his four-nation Latin America tour. Xi is scheduled to hold talks with Argentine President Cristina Fernandez and other leaders during the visit. Upon his arrival in Buenos Aires, Xi said the China-Argentina strategic partnership, which greets its 10th anniversary this year, has stood the test of constant changes in the international landscape and is at a historic moment from which it will move to a new era based on past achievements. The president said he looks forward to having extensive exchanges of views with Argentine leaders and people from various circles in a bid to further advance bilateral relations for better development of both countries. Meanwhile, I hope to demonstrate the resolve of developing countries to strengthen solidarity and cooperation, and also boost the confidence in the development prospects of emerging markets, he said. Since the two countries forged diplomatic ties in 1972, the relations have moved forward rapidly. In 2013, two-way trade between China and Argentina reached $14.8 billion, more than 2,400 times of the amount in the early days of the diplomatic ties, according to Chinas official statistics. China has become Argentinas second largest trading partner and a major source of investment. Argentina has become Chinas fifth largest trading partner in Latin America. The two sides have had productive cooperation in energy, resources, agriculture, infrastructure development, finance and other areas. Before Argentina, Xi has visited Brazil, where he paid a state visit to the country, attended the sixth BRICS summit and met leaders of Latin American and Caribbean nations. His Latin America tour will also take him to Venezuela and Cuba. BRASILIA - Chinese President Xi Jinping said here Thursday that his country will work with Latin American and Caribbean countries to boost their two-way trade to $500 billion in 10 years. China will also encourage and support more Chinese companies to invest in the region so that its stock of investment could reach $250 billion in the coming decade, the president said in a keynote speech at a summit with 11 Latin American and Caribbean leaders. He called on the two sides to expand mutual investment, promote investment diversification, and channel more capital into production sectors. In his speech, the Chinese leader proposed a 1+3+6 cooperation framework to promote faster, broader and deeper cooperation between the two sides for real results. One means one plan, Xi said, referring to the Chinese-Latin American and Caribbean Cooperation Plan (2015-2019), with the aim of achieving inclusive growth and sustainable development. He also suggested that three engines, namely trade, investment and financial cooperation, should propel the practical cooperation between China and Latin America so as to reach comprehensive development. The Chinese president also said cooperation between China and Latin American and Caribbean nations should focus on six areas: energy and resources, infrastructure building, agriculture, manufacturing, scientific and technological innovation, and information technologies. To facilitate cooperation in these areas, Xi announced that China will formally launch the $10 billion Special Loans for Chinese-Latin American and Caribbean Infrastructure and will, on this basis, further increase the credit line to 20 billion dollars. China, he added, will also provide $10 billion in preferential loans for Latin American and Caribbean countries. China will also launch a Chinese-Latin American and Caribbean cooperation fund and pledge a contribution of $5 billion, which is primarily for cooperation in energy and resources, agriculture, manufacturing, hi-tech, sustainable development and other areas, Xi said. Additionally, China will launch a $50 million special fund for agricultural cooperation with Latin American and Caribbean countries, and introduce an exchange program between young scientists of the two sides. The meeting was held during Xis state visit to Brazil, the first leg of his four-nation tour to South America.
Posted on: Sat, 19 Jul 2014 02:32:05 +0000
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