Cross-border investment with Latin America urged
Print Edition
CHINA and Latin America need to upgrade bilateral trade structure and promote cross-border investment to further boost two-way economic cooperation, officials said.
“Traditional trade pattern between China and Latin America has encountered a bottleneck as bilateral trade fell 10 percent in the first half of the year due to a downturn in global commodity prices,” Gong Tao, counselor at the Department of Latin American and Caribbean Affairs of the Ministry of Foreign Affairs, said at a forum on China-Latin America cooperation in Shanghai yesterday.
Trade between China and Latin America jumped by nearly 20 times between 2000 and 2012. But bilateral trade grew by only 1 percent to US$264 billion in 2014 compared with 2013.
“Investment should become the new engine of bilateral economic cooperation as cross-border investment will help both sides to diversify industrial development,” said Zhong Xiaomin, deputy director of Shanghai Commission of Commerce.
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