Chinese President Xi Jinping pledged on Thursday $250 billion in investment in Latin America over the next 10 years as part of a drive to boost resource-hungry China’s influence in a region long dominated by the United States.
Leaders of the Community of Latin American and Caribbean States, or CELAC – a 33-country bloc that does not include the United States or Canada – gathered in Beijing for the first time for a two-day forum on Thursday.
Xi said two-way trade between China and Latin America was expected to rise to $500 billion in 10 years.
“This meeting will … give the world a positive signal about deepening cooperation between China and Latin America and have an important and far-reaching impact on promoting South-South cooperation and prosperity for the world,” Xi said.
China and Latin America are cooperating on energy, infrastructure construction, agriculture, manufacturing and technological innovation, Xi said.
Deng Yuwen, a Beijing-based political analyst, said China was interested in the region’s resources and markets.
“Obviously, China has the intention to compete with the U.S. for a greater sphere of influence in the region,” said Deng. “But whether this strategy will weaken U.S. influence now is hard to judge.”
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