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Home >> China
UPDATED: 10:25, October 06, 2006
China, Latin America forge closer links for win-win end (2)
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The heating Chinese market has also lured investors from Latin America. By the end of 2005, a total of 17,956 projects in China were funded by Latin American companies, with a total investment of 56.9 billion dollars, according to the Chinese Ministry of Commerce.

From Brazilian Barbecue to bread and cakes branded "Bimbo", Yang Jin, as well as many other Beijing residents, now has more chances to taste Latin American delicacies while the Latin American food and drink industry is also trying to take a bite in the huge Chinese market backed up with a population of 1.3 billion.

Of the 21 Latin American countries which have established diplomatic ties with China, 15 have inked inter-governmental trade agreements with China. Brazil, Mexico, Chile, Argentina and Panama are the top five trade partners of China in the Latin American region so far.

However, the growing imports of some low-price Chinese products backed by low labor cost and high productivity, especially clothes and shoes, resulted in direct competition with local industries in countries like Mexico, Brazil and Peru, and thus sparked trade conflicts.

Even though, Chinese and Latin American countries had tried their best to iron out difficulties and boost cooperation to a higher level.

To regulate and promote the rocketing trade and two-way investment, China has worked closely with its trade partners in Latin America to forge a framework. China has signed investment protection agreements with Cuba, Jamaica, Bolivia, Chile, Argentina, Uruguay, Ecuador, Peru and Barbados.

In the World Trade Organization, Brazil, India and China, three key members of the so-called "Golden BRICs" -- a label for the world's four soaring economies also including Russia, have led a group of developing countries to bargain with the advanced industrial members such as the United States, the European Union and Japan for a fair world trade order.

On November 1, 2005, Venezuela signed a contract with a Chinese company to buy a satellite for communication and broadcasting service, which will be launched in 2008. Two weeks later, China and Chile signed a free trade agreement, which is the first FTA between China and Latin American countries.

China and Brazil have also conducted broad cooperation in such fields as design and manufacture of civil aircraft, satellites, software and in bio-technology sectors in recent years, which is reputed as an "example" of South-South Cooperation.

"There is competition in some sectors between Mexico and China, but we regard China as a partner rather than a competitor. We can join hands and explore the international market," said Sergio Ley Lopez, who gave himself a Chinese name "Li Ziwen". Li is one of the most popular family names in China. (more)

Source: Xinhua

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