In 2016, China's trade with Latin American countries and regions totaled US$216.6 billion. Among them, Latin America's exports to China remained generally stable. China has been the largest importer of Latin American energy products and soybeans and sugar products for many years. In an interview with this reporter, the Director of the International Trade and Integration Division of the United Nations Economic Commission for Latin America and the Caribbean, Rosares, said that the Chinese market plays a vital "stabilizer" role in the foreign trade of Latin America. At a major turning point in the development of Latin America, China, which is also an emerging market country, will become an important partner in Latin America.
China-Latin trade has entered a period of deep adjustment
Since the new century, China-Latin America trade has shown an unprecedented high-speed growth trend. In 2016, the trade volume between China and Latin America increased by 16 times compared with 2000, and the proportion of China's total foreign trade also rose from 2.7% to about 6%. China has become the largest trading partner of many Latin American countries. Former Deputy Foreign Minister of Ecuador Marcelo Fernandez believes that as the world's second largest economy and an important engine of the global economy, China's development provides opportunities for Latin American development. China has now become an important energy partner and trading partner of Latin America. China's investment in integration is playing a vital role in the infrastructure construction of Latin America.
Statistics show that China’s exports to Latin American countries and regions last year were 113.9 billion U.S. dollars, down 13.8% from the previous year; imports from Latin America were 102.7 billion U.S. dollars, down 1.1% from the previous year. Ronny Lins, director of the Brazilian Institute of Chinese Studies, said in an interview with this reporter that after a period of more than 10 years of rapid growth, the trade between the two countries has entered a period of deep adjustment, starting from a super-high level, which is completely In line with market rules.
Lins believes that from the perspective of the big environment, the economic slowdown between the two countries has also caused market demand to decline. In recent years, China's economy has shifted from high-speed growth to medium-to-high-speed growth, and the Latin American economy has also stagnated for two consecutive years. Affected by the weak global economic recovery, the continued sluggish commodity prices, the turmoil in the international financial market, and the instability of some Latin American domestic bureaus, Latin America's own development has encountered bottlenecks and insufficient social demand. As a developing country, Latin America's export trade is relatively simple, mainly low-value-added products such as ore, petroleum, agricultural and sideline products, and import and export trade is obviously suppressed.
According to a report released by the Ministry of Commerce of the People's Republic of China, China's investment in Latin America is increasingly diversified and its fields are broader. According to preliminary statistics from the Ministry of Commerce, in 2016, China’s direct investment in Latin American non-financial sectors was US$29.8 billion, up 39% year-on-year. Large-scale M&A projects continued to emerge, while investment fields began to move from traditional energy minerals and infrastructure to agriculture and manufacturing. Industry, information industry, service industry, e-commerce, air transportation and many other areas have expanded. From this perspective, in the context of China's adjustment of its economic structure and the resumption of manufacturing by many Latin American countries, China-Latin America trade will be adjusted simultaneously and optimized.
Inject positive energy into the growth of China-Latin America trade
In the overall trade between China and Latin America, there is also a situation of “contrarian growthâ€. For example, the trade volume between Peru and China increased by 4% in 2016; the amount of traditional commodities exported to China in 2016 reached 8.221 billion US dollars, an increase of 14.51% over 2015.
In the long run, a variety of factors have joined forces to inject new impetus into the growth of China-Latin America trade.
Free trade zone construction cooperation has directly enhanced bilateral trade. Against the backdrop of counter-globalization in some European and American countries, China has signed a free trade agreement with Chile, Peru and Costa Rica since 2006, directly driving the rapid growth of China-Latin America trade. At present, the joint research on the feasibility of the FTA with Colombia is being actively promoted, and Uruguay has also proposed to China the willingness to cooperate in the free trade zone.
The China-Latin America Forum, the bilateral economic and trade consultation mechanism, and China’s new policy on Latin America have played an active role in promoting China-Latin America trade. Robert Bell, a professor of international relations at the Catholic University of Rio de Janeiro in Brazil, said in an interview with this reporter that in recent years, China and Latin America have been “moving constantlyâ€: the China-Latin America Forum was established in 2014; since 2016, China and Uruguay, Argentina, Cuba, and Ecuador The meeting of the Economic and Trade Mixed Commission of Latin American countries and the seventh high-level working group meeting of China and Mexico were held successively, and the new policy document on Latin America was announced. These measures have explored and communicated the problems arising in economic and trade cooperation, and proposed new ideas and arrangements for strengthening economic and trade cooperation, which will undoubtedly benefit the development of bilateral trade in the future. Luo Bei believes that China's proposal to build an Asia-Pacific free trade zone, strengthen regional comprehensive economic cooperation and promote the construction of the "Belt and Road" will also be a major positive news for Latin America.
The World Bank's latest first-quarter Commodity Outlook report predicts that demand recovery and limited supply will benefit industrial commodities such as oil and metal zinc, especially energy and fuel commodities such as oil, natural gas and coal. This is undoubtedly good news for Latin America. Brazil’s National Development Bank economist Brimarvilla said in an interview with this reporter that the Brazilian and Argentine economies are likely to end the recession in 2017 as an emerging market country that is highly dependent on commodity exports, benefiting from rising commodity prices. Countries such as Colombia and Peru will benefit greatly from the rebound in oil prices and mineral prices. For this reason, the report released by the United Nations Economic Commission for Latin America and the Caribbean recently predicted that Latin America is expected to emerge from the recession in 2017 and achieve a growth of 1.3%, which in turn provides a favorable environment for Latin American trade and the growth of China-Latin America trade.
The importance of the Chinese market is irreplaceable
The continuous increase in China's investment in Latin America has directly promoted the expansion of bilateral trade, improved the bilateral trade structure, and enhanced China's competitiveness in Latin American trade.
Affected by the Brazilian economic crisis, the trade volume between China and Pakistan has declined in recent years, but the importance of the Chinese market is irreplaceable. According to data released by the Brazilian Ministry of Agriculture recently, China imported a total of US$20.83 billion in agricultural products from Brazil in 2016 and continues to be the largest importer of Brazilian agricultural products. According to the official Brazilian statistics currently available, Brazil’s investment in China in 2016 has reached US$19 million, a slight increase from 2015. In the same period, Chinese companies’ investment in Brazil has grown rapidly, with annual investment exceeding US$10 billion. The investment stock exceeds 30 billion US dollars.
Xia Xiaoling, the economic and commercial counselor of the Chinese Embassy in Brazil, said in an interview with this reporter that since 2009, China has been Brazil's largest trading partner for many years. There are currently more than 200 Chinese-funded companies entering Brazil, covering the oil, mining, power, manufacturing, finance, agriculture, services and wholesale and retail sectors. Even during the economic downturn in Brazil, the pace of Chinese companies investing in Brazil has not slowed down. China-Pakistan economic and trade relations have shaken off a single commodity trade relationship and are developing in a larger direction to trade and investment. Mutual investment will become an important driving force for the development of bilateral economic and trade cooperation.
Cai Hongxian, general manager of China State Grid Brazil Holdings, told reporters that through several large-scale project investments, State Grid Brazil has purchased about 100 million US dollars of domestic equipment such as NARI Group and CLP Pride, driving more enterprises and equipment to “go outâ€. ".
Robel said that the Brazilian government attaches great importance to the promotion of foreign investment, especially Chinese investment, to Brazil's economic development. Since taking office, President Temer has vigorously promoted the "investment partner program" and continuously optimized the bidding and other policies. The business environment in Brazil is gradually improving. This will directly push the bilateral trade between Pakistan and China to a higher level.
Editor in charge: Zhang Hong 3
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