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New growth model for China and Latin America trade
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UPGRADING bilateral trade structure and promoting cross-border investment will be keys for China and Latin America to overcome obstacles to further boosting two-way economic cooperation, officials said.
“Traditional trade pattern between China and Latin America has encountered a bottleneck as the bilateral trade has posted a 10 percent decline in the first half of the year due to a downturn in global commodity prices,” said Gong Tao, counselor of the Department of Latin American and Caribbean Affairs of the Ministry of Foreign Affairs.
“Trade growth driven by commodity exports is unsustainable,” Gong told a forum on China-Latin America cooperation in Shanghai today.
Trade between China and Latin America expanded by nearly 20 times between 2000 and 2012. However, the momentum has leveled off in the past few years, with bilateral trade growing only 1 percent to US$264 billion in 2014 compared to 2013.
Gong said the two sides should work together to diversify trade relation from a simple pattern with China exporting mostly manufactured goods while Latin America and the Caribbean export mainly raw materials.
Zhong Xiaomin, deputy director of Shanghai Municipal Commission of Commerce, said to boost bilateral investment between China and Latin America would be conductive to ease the misbalanced trade situation.
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