Latin America policy points to ‘shared future’

As President Xi Jinping wrapped up his Latin American tour, China released its second policy paper on Latin America and the Caribbean on Thursday, providing guidance for new ideas, proposals and initiatives in policy.

The document, based on experience from past cooperation, focuses on solving problems and obstacles in current relationships and indicates the direction for future development, experts said.

Released at a sensitive time when world politics and the global economy are undergoing profound changes, it shows China’s promise to develop relations with Latin American and Caribbean countries, they added.

The four-part document defines the current relationship between China and Latin America and the Caribbean, outlines principles for cooperation and proposes development goals in eight areas including politics, trade and the economy, people-to-people exchanges and trilateral cooperation.

To facilitate trade and investment, the paper says, “China wishes to sign more agreements on investment protection, avoidance of double taxation and tax evasion with Latin American and Caribbean countries, to create a favorable environment and conditions for investment cooperation between enterprises of both sides.”

In terms of trade and the economy, it specifies how to boost cooperation in industrial investment and capacity cooperation, energy and resources, infrastructure and manufacturing.

“We aim to bring the comprehensive and cooperative partnership to a new height by bringing the two sides into a community of a shared future in which all countries join hands in development,” the paper says.

China and Latin American and Caribbean countries are highly complementary in trade and economics, as Chinese enterprises speed up their “going global” strategy and Latin America seeks to transform the structure of its economic development, experts said.

Latin America has become an important overseas destination for Chinese enterprises, with cumulative investment reaching $126.3 billion by last year.

“This document has clear targets and distinct characteristics for Latin American and Caribbean countries. It ... will open a new era for future relationships,” said Yue Yunxia, a researcher in Latin American economics at the Chinese Academy of Social Sciences.

We aim to bring the comprehensive and cooperative partnership to a new height.” China’s second policy paper on Latin America and the Caribbean

The policy paper mentions cooperation involving thirdparties, which is very important, Yue said, “because it shows China’s open attitude toward its cooperation with Latin American and Caribbean countries, which is a major change and breakthrough”.

He Shuangrong, an expert of Latin American studies at the Chinese Academy of Social Sciences, said the document is “significant in stabilizing the expectations of Latin American and Caribbean countries for developing relations with China and boosting their confidence”.

Meanwhile, Xi met with Spanish Deputy Prime Minister Soraya Saenz de Santamaria on the Spanish island of Gran Canaria on Thursday, where he made a stopover on his way back to Beijing after finishing the Latin American tour.