Latest News:  
Beijing   Overcast/Cloudy    29 / 17 ℃  City Forecast

Home>>Foreign Affairs

"Time for better ties" with South America

By Wang Xiaotian (China Daily)

15:01, May 09, 2012

Two visitors walk past the Gree Electric Appliance Inc booth at an air-conditioning equipment show in Sao Paulo, Brazil. China's trade with Latin America grew 32% to $220 billion in the first 11 months of last year. (Photo/Xinhua)

China's economic ties with Latin America and the Caribbean need further development as the global economy weakens, the Chinese Academy of Social Sciences said in a "yellow book" on Tuesday.

Bilateral relations have moved beyond initial contacts based on trade to more complex interactions such as investment and financial cooperation, the government think tank said.

In just eight years, China's importance as a trade partner for Latin America has increased significantly, said Osvaldo Rosales, director of the international trade and integration division of the United Nations' Economic Commission for Latin America and the Caribbean.

"China is displacing the European Union as the second-largest trade partner of countries (in the region) and it's more important for South America's growth than the United States," he said.

In 2011, China's trade with Latin American and Caribbean countries exceeded $245 billion.

China has become the region's second-largest trade partner and third-largest investor, said Li Baorong, deputy director-general of the Latin America and Caribbean Department at the Foreign Ministry.

China will soon become South America's biggest trade partner, said Alicia Herrero, chief economist for emerging markets at Banco Bilbao Vizcaya Argentaria SA.

But trade between China and the region is concentrated on few countries and few products. Brazil, Chile and Argentina account for 77% of the region's exports to China, with copper exports taking up 30% and soy contributing 12%, Rosales said.

In each country, a handful of products account for 80 to 90 percent of exports to China, except for Brazil and Mexico.

"Trade with China is excessively of an inter-industrial nature, with Latin America exporting raw materials and importing manufactured goods," Rosales said.

Increased protectionism and a wave of nationalizations in the region could get in the way of improved bilateral economic relations, said Wu Guoping, assistant director of CASS' Institute of Latin American Studies.

Slowing economies on both sides will make progress more difficult. Wu predicted GDP growth in Latin America and the Caribbean will reach 3.8% in 2012, down from last year's 4.3%.

【1】 【2】

Email|Print|Comments(Editor:韩莎莎、马茜)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. CNOOC 981 to begin operations in sea area

  2. Submarine inventor thinks deep

  3. Art in early childhood

  4. Magnificent peony flowers bloom at tourism festival

Most Popular

Opinions

  1. Ways to develop low-carbon economy in China
  2. RRR cut still in country’s best economic interest
  3. Relax high-tech restrictions
  4. Overseas investment yields not nation's priority
  5. A neutral US helpful to stability in S China Sea
  6. Tourism authority warns of low-cost package tours
  7. Have you felt anxious recently?
  8. Central bank's rise comes at economy’s expense
  9. How to deal with 70,000 boxes of defective Coke?
  10. Foreign airlines optimistic about Chinese market

What's happening in China

Wild panda brought back to life after 6 day of emergency treatment

  1. China to timely expand 4G trial scale
  2. Red tide threatens fisheries off east China
  3. Young, middle class lead retail shift
  4. China opens iron ore trading platform
  5. Yangzhou seeks property market boost

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai