China, LatAm move toward deeper mutual trust(2)

CONCRETE BENEFITS

The top-level visits deepened political trust between China and Latin America and delivered tangible benefits to both sides.

During Xi's visit to the region, China and Mexico signed a dozen agreements covering bilateral cooperation in energy, mining, infrastructure, trade, investment, education and banking.

China and Trinidad and Tobago inked a host of agreements on economic cooperation and cultural exchanges.

In Costa Rica, China signed a series of agreements, including upgrading energy projects and the public transportation system.

Costa Rican Foreign Minister Enrique Castillo said 2013 was a "very significant year" for China-Costa Rica ties, and the relations between the two countries were at a "high level."

China has become a key partner for Latin America and the Caribbean as trade between China and the region grew 22 fold from 2001 to 2012, the Economic Commission for Latin America and the Caribbean (ECLAC) indicated in its report in August.

China has become the second largest trading partner of Latin America and the Caribbean, which witnessed the world's fastest growth in exports to China.

Meanwhile, the two sides also seek to promote mutual investment. Expanding investment in Latin America is consistent with Chinese enterprises' "going-out" strategy, and also meets the needs for domestic economic and social development of Latin American countries.

By investing nearly 65 billion dollars so far in Latin America and the Caribbean, China has helped create much-needed jobs in the region.

POTENTIAL TO BE TAPPED

There is potential to be tapped in expanding pragmatic cooperation between China and Latin America in many fields.

China believes it will see steady and continued stable economic growth, which will provide more business opportunities for the rest of the world, including Latin America, Chinese President Xi said in a speech at Mexico's Senate during his visit.

He stressed that Latin America and the Caribbean need Chinese investment and participation to build infrastructure, while Latin American goods need the Chinese market.

Latin American countries hope to benefit from China's economic growth, urbanization and growing middle class in the coming decades, which demand more goods with greater added value besides the traditional exports to China.

ECLAC forecast that China will continue to strengthen its position as Latin America's major trading partner in 2020.

"Now is the right time to take a quality leap in relations with China," ECLAC said.