Forbes interviews Adrienne Arsht Latin America Center Director Peter Schechter on the increasing strength of economic ties between China and Latin America:
Nathaniel Parish Flannery: How is the relationship between China and Latin America evolving?
Peter Schechter: On the one hand, the rapid growth in ties between China and Latin America has been astonishing – trade is up more than 2,000% in just 15 years, while China has displaced the U.S. and E.U. as a top trade partner for many key markets, including Brazil. There have been 31 visits by Chinese presidents and premiers to Latin America since 2001, and half of these visits in the past five years, so relations are accelerating.
This new presence in the region is not limited to trade, but also features a proliferation of cultural links, investment commitments, and development finance deals. Considering the bold ambitions outlined during the last China-CELAC summit, including pledges to grow annual trade to over $500 billion and increase foreign direct investment (FDI) to $250 billion over the next decade, Beijing is playing an increasingly pivotal role in the region.