China-Latin America Business Summit: Business leaders gather in Zhuhai to discuss finance and trade

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02:10

The 12th China-Latin America Business Summit has opened in southeastern Chinese city of Zhuhai. The hundreds of business representatives present are expected to discuss topics such as infrastructure, finance and trade cooperation. CGTN's Li Jianhua has more.

Business leaders and representatives meet in Zhuhai, expecting new business opportunities. The theme of the event, seizing new opportunities through a China-Latin America partnership under the Belt and Road Initiative. Official figures show China is Latin America's second largest trading partner with the trade volume hitting 200 billion US dollars.

LIU XINCHENG VICE-CHAIRMAN, CPPCC NATIONAL COMMITTEE "Both China and Latin American countries are emerging economies. Our friendship will be far-reaching. We have no historical conflicts, and we share common interests now and in the future. All parties agree to uphold the principles of mutual trust and win-win cooperation."

However, some experts see the trade relationship as an imbalanced one, suggesting that Latin America is a massive exporter of low-valued commodities while importing expensive, higher-end products from China.

Former US Secretary of State Rex Tillerson warned the region "not to rely on China too much".

ALEXANDRE MEIRA DA ROSA VICE PRESIDENT, INTER-AMERICAN DEVELOPMENT BANK "Well I wouldn't say it's imbalanced. I think there is a natural trend there. China has a comparative advantage in manufactured goods, as Latin America has a comparative advantage in natural resources."

He added Latin America is "diversifying its trade partners" and the US is still important when it comes to trade.

LI JIANHUA ZHUHAI, GUANGDONG PROVINCE "China continues to expand its presence in Latin America, with more capital flowing into the region, while the US is loosening its grip on its so-called 'backyard'. But how will China fare in the region remains to be seen. LJH, CGTN, ZHUHAI, GUANGDONG PROVINCE."