China & LAC nations benefit from 'win-win' economic cooperation

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A view of Buenos Aires, the capital of Argentina, November 7, 2021. /CFP

China and the Latin American and Caribbean (LAC) countries have enjoyed steady trade and investment growth over the past few years, thanks to win-win cooperation between the countries.

Total trade value between China and LAC countries topped $450 billion for the first time in 2021, according to China's General Administration of Customs. The $451.6-billion trade value marks a 41.4 percent year-on-year growth from the previous year.

Specifically, China's exports to LAC countries were worth $229 billion in 2021, up 52 percent from 2020. Imports from LAC countries climbed 31.4 percent to $222.6 billion in the same period.

Between January and November of 2022, the total trade value between China-LAC countries stood at 2.97 trillion yuan ($438 billion), 11.9 percent higher than the previous year, according to customs data.

Since the establishment of a comprehensive cooperative partnership of equality, mutual benefit and common development between China and LAC countries was announced in 2014, the said countries have demonstrated strong vitality in the fields of trade and investment, infrastructure, clean energy and agriculture trade.

According to China's Ministry of Commerce, the country's outbound direct investment (ODI) into LAC countries grew by 57 percent year on year in 2021, accounting for 14.6 percent of China's total outward direct investment.

In 2022, Nicaragua and Argentina signed a memorandum of understanding with China to jointly build the Belt and Road Initiative, which promoted investment and cooperation in fields such as electricity, transportation, telecommunication and energy.

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