China is now Latin America’s second-largest trading partner, and the region has become the second-largest destination for overseas Chinese investment, with 600.8 billion U.S. dollars in stock by the end of 2023. Currently, China has five free trade partners in the region. The country has been the largest market for Chilean cherries for years, and Chinese companies account for 37 percent of automobiles sold in Ecuador.
The China-LAC cooperation is also expanding into new sectors, such as renewable energy, digital technology, and transnational e-commerce, with dynamics driven by successful bilateral forums on science and technology innovation, digital technology cooperation, and space cooperation, all under the framework of the China-CELAC Forum. China’s cloud computing, big data and AI technologies have widely empowered local industries to facilitate digital transformation.
High-level BRI construction is also helping advance the region’s industrial upgrade, such as fully equipping Trinidad and Tobago’s Phoenix Park Industrial Estate with a state-of-the-art 5G network.
The deepening of China-LAC relations has boosted employment, including the creation of higher-income jobs through BRI projects. Among recent examples is the April reopening of the Mexico City Metro’s key Line 1, a project assisted by Chinese expertise aimed at improving residents’ transit experience.
Meanwhile, a wide range of programs have strengthened cultural exchanges and the people-to-people bonds. These include Chinese government scholarships and vocational training programs for CELAC member countries, the China-LAC Youth Development Forum, the China-LAC Cultural Exchange Year, and China’s foreign aid projects aimed at improving livelihoods.
Standing at a new historical starting point, China-LAC relations and cooperation are expected to build on the previous accomplishments and enter a new era replete with opportunities and broader prospects.
The China-CELAC Forum meeting in Beijing is sending a strong message of unity from the Global South, particularly in response to the increasing uncertainty and unpredictability stemming from rising unilateralism, protectionism, and bullying actions.
Undoubtedly, enhancing China-LAC relations and collaboration will contribute to stability and foster positive momentum in a tumultuous world.
