BEIJING – Latin America ranks second in Chinese investment abroad, only after Asia, the Chinese Ministry of Commerce said, adding that China has become Latin America’s second largest trading partner.
“In recent years, the economic and trade cooperation between China and the Latin American and Caribbean countries has been expanding extensively, with a larger scale and a broader sphere, achieving good results in trade, investment and contracting projects,” he said. Ministry spokesman Gao Feng, quoted by Xinhua .
“China’s trade with Latin American and Caribbean countries grew 20% year-on-year in the first nine months to reach US $ 228.6 billion,” he added. In 2017, the volume of trade between the two parties was US $ 257,800 million, 18.8% more year-on-year, according to data from that portfolio.
Last year, Chinese companies invested US $ 387,000 million in Latin America and signed contracts reached a value of US $ 164.2 billion.
“China and Latin America are extremely complementary in the economy, so there is a large space for both parties to develop economic and trade cooperation,” said Gao.
The spokesman added that China wants to work with Latin American countries and lead bilateral trade and economic cooperation to a higher level through the Strip and Road Initiative.–MercoPress