China to establish new cooperation structures with Latin America
The trip of Chinese President Xi Jinping to Latin America shows that beyond the specific interest on raw materials China is applying a new model of cooperation focusing on mutual interest and infrastructure projects funded by Chinese banks and built by Chinese contractors . Deeper and more sustainable ties are thus been created between the partners and already results are eloquent. “China is now the second largest trading partner of Latin America and a leading source of investment in the region. It is the largest trading partner of Brazil and Chile. Free trade agreements have been signed between China and Chile, Peru as well as Costa Rica respectively. …Bilateral trade reached 261.2 billion U.S. dollars in 2012, increasing by 8.1 percent year-on-year. It is expected to reach 400 billion dollars in 2017.” China and Latin America have reached a balance between trade and investment, evolving from the trade-dominated model at the very beginning. China's investment in Latin America amounts to 65 billion dollars a figure that will certainly be on the rise in the future.