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China says trade ties with Latin America boosts economic growth

(Xinhua)

11:14, September 22, 2011

BEIJING - China on Sept 21 said its economic relations with Latin America boosted the region's economic and social development.

"China and Latin America have innovated ways of cooperation, realized rapid development of trade cooperation and robustly boosted their respective economic growth," Foreign Ministry spokesperson Hong Lei said at a regular press briefing on Sept 21.

Hong's comments came after the World Bank's chief economist for Latin America Augusto de la Torre said on Sept 20 that China, as the biggest customer for Latin America's raw materials and commodities, is spending billions of dollars each year, "but little of that is going to direct investment."

China always develops its economic and trade relations with Latin America on the basis of common prosperity and common development, Hong said.

Citing World Bank and United Nations Economic Commission for Latin America, Hong said the rapid growth of China-Latin trade has played a positive role in helping Latin American countries deal with the world financial crisis and keep the momentum of economic growth.

"Trade and investment are equally valued when developing China-Latin trade relations," Hong said.

China's direct investment in Latin America, excluding the financial types of investment, totaled $11 billion in 2010, ranging from minerals and manufacturing to infrastructure and agriculture.

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