China moves closer, offering $9.2 billion in credits to Latin American and Caribbean nations for the region’s development, Chinese President Xi Jinping announced at the opening of the IV China-CELAC Ministerial Forum in Beijing.
“To support the development of Latin American and Caribbean countries, China will provide 66 billion yuan ($9.2 billion) in credits,” said the Asian leader.
“Only through unity and cooperation can countries ensure global peace and stability and promote worldwide development and prosperity,” he stated.
Strengthening China-Latin America Ties
Xi also called for closer relations with Latin America and the Caribbean during times of “geopolitical confrontation” and “protectionism,” at the opening of the ministerial forum.
At the start of the event, attended by the presidents of Colombia, Brazil, and Chile, Xi celebrated the increasingly close relationship between China and the region, while making veiled criticisms of the United States.
“Faced with the tide of geopolitical confrontation and bloc politics, the rise of unilateralism and protectionism, China wants to join hands with Latin America,” Xi said, who criticized “bullying and hegemonic” attitudes in a veiled reference to the United States.
“Although China is far from the Latin American and Caribbean region, the two sides share a long history of friendship,” Xi said in his opening speech.
In recent years, the Asian giant has significantly expanded its influence in the region, traditionally considered under U.S. influence, and aims to accelerate this process amid geopolitical uncertainty following Donald Trump’s return to the White House.
Tariff Offensive
This improvement in relations is especially evident in trade, with a volume of exchanges that surpassed $500 billion last year for the first time. “It’s 40 times more than at the beginning of the century,” Xi emphasized.
His speech comes amid Trump’s tariff offensive, which has been particularly aggressive toward China.
However, both countries agreed on Monday to suspend for 90 days the high tariffs they imposed on each other, which had shaken the global financial market.
“Accelerated Transformations”
“There are no winners in tariff wars or trade wars,” Xi told Latin American delegates. “Bullying and hegemony only lead to self-isolation,” he added.
“Today’s world is undergoing accelerated transformations unseen in a century, with multiple interconnected and overlapping risks,” he continued.
Among the summit attendees are leaders from countries traditionally close to Beijing, such as Brazilian Luiz Inácio Lula da Silva and Chilean Gabriel Boric.
The Colombian Gustavo Petro, pro tempore president of CELAC, also attended. During this visit, he aims to sign a “letter of intent” to join China’s Belt and Road infrastructure program.
Two-thirds of Latin American countries have already joined this trillion-dollar investment program from the Asian giant.
Image: DiarioNY
