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PRESIDENT Xi Jinping hailed China’s growing ties with Latin America today, pledging to use his country’s huge economic clout to support billions in expenditure on regional projects.
He promised to almost double two-way trade to £332 billion over the next 10 years.
The enthusiastic president held talks with officials from left-leaning nations in the Community of Latin American and Caribbean States a day after meeting Venezuelan President Nicolas Maduro.
“I am sure that this meeting will send to the world a strong message of our commitment to deepening co-operation for common development,” President Xi said.
He had offered Mr Maduro pledges of £13bn in Chinese investment in Venezuela.
Mr Xi emphasised the potential for future growth in ties between China and the progressive grouping of more than 30 nations, which accounts for one-eighth of the global economy.
Late Venezuelan president Hugo Chavez and other Latin American leaders developed the people-centred bloc as an alternative to US-led capital-oriented regional bodies.
He emphasised China’s commitment to an independent foreign policy and to maintaining an equal partnership with the region, comments likely to appeal to many in the group who resent unfair US dominance of the hemisphere.
Trade between China and the region grew from £7bn in 2000 to £171bn in 2013, driven largely by Chinese demand for commodities such as crude oil and soya beans.
Mr Xi said that Latin America and the Caribbean would benefit heavily from nearly £7 trillion of Chinese imports from the entire world over the next five years.
Along with the targeted increase in two-way trade, the president said he wanted to increase direct investment in the region to £166bn over the next five years.
Last July, China extended a £13bn loan to the region for infrastructure development, another £7bn in preferential loans, a £3bn fund for co-operation between the sides and £33 million for agricultural development.
President Xi said the meeting would result in three documents, including one laying out co-operation goals through 2019 in diplomacy, trade, finance, energy and other areas.
