China South America » Chile

NYT: Latin America Looks at West’s Fiscal Crises, and Sees Its Own Past

Benito — Mon, 30 Jan 2012 10:54:21 +0000

RIO DE JANEIRO — Sometimes it comes in the form of a news dispatch, like the item from Milan explaining how Italians fret about “the spread,” a term used to refer to the gap between their high borrowing costs and the lower interest rates for Germany.

The angst has included protests in Spain, images of rioters in London or the police using pepper spray to disperse demonstrators in California.

And, of course, there is the steady drip of reports focusing on default fears in Greece.

For many months now, Latin Americans have been monitoring the constant drumbeat of crises in developed countries with bewilderment, irony and, yes, even a bit of schadenfreude. To them, Europe and the United States are displaying problems once associated with their region, which, not long ago, was a perennial champion in financial crises and bailouts.

Click here to read the full article from the NYT.com

Rare question and answer Xinhua Exclusive on China- Latam relations

Benito — Wed, 18 Jan 2012 14:57:12 +0000

Thank you Xinhua News. Please click here to access the article from Xinhua News.

China to deepen ties with Latin-America

2012-01-17 17:26 chinadaily.com.cn

Yang Wanming, director-general of the the Department of Latin American and Caribbean Affairs of the Chinese Foreign Ministry, exchanged views with chinanews.com readers online on Tuesday afternoon.

Yang Wanming, director-generalof the Department of Latin American and Caribbean Affairs of the Chinese Foreign Ministry, answers questions from chinanews.com readers online on Jan 17, 2012. [Photo/Chinanews.com]

Topic: China-Latin America cooperation in culture

Q: How do China and Latin America cooperate in the field of culture?

A: China has opened 32 Confucius institutes in Latin America, covering almost all Latin American countries. Both sides also send art troupes to visit one another and conduct people-to-people exchanges. Many Chinese people like their football, music and dances and engage in studying Spanish and Portuguese. Many Chinese books have also been translated into Spanish and sold in Latin America.

Topic: Cooperation in energy

Q: What’s the current situation with Sino-Latin American energy cooperation? Some people think China is plundering energy resources there and uses it as a way to curb the US.

A: China is trying to carry out comprehensive cooperation with Latin American countries and its efforts have been well welcomed by them. The cooperation not only benefits the two parties, but also contributes to global peace, stability and prosperity. It started late and is on a relatively small scale, but has been developing fast. China imported 20.73 million tons of crude oil from Latin American countries in 2010, which accounts for 8.7 percent of China’s total import in that year. Venezuela has become China’s 4th largest oil provider. The two parties will explore cooperation on new energy. It’s totally based on equality and mutual benefit and will do no harm to the third party.

Topic: US view on China-Latin America relationship

Q: The relationship between China and Latin American countries has developed so fast. What do you think of the feeling in the US to this?

A: In recent years, the independence of Latin American countries is growing and its economic growth momentum becomes more diverse than before.

The rapid development of China-Latin America relations is on the basis of mutual benefit and win-win for both sides and is within the needs of Latin American countries’ diversified diplomacy and development strategy.

It will not only benefit development of both, but also contribute to the world’s stability and development.

China and the US have already established a consultation mechanism on Latin-America, and through four different consultations, the two parties have enhanced their mutual trust on this issue.

And the US has repeatedly stressed in their consultations that strengthening relations between China and Latin American countries will be good for Latin-America’s stability and development.

Topic: Chinese workers kidnapped in Colombia

Q: It was reported that several Chinese employees were kidnapped in Colombia by unidentified armed militants. How are they now? Could you release some information about the rescue efforts?

A: Four Chinese workers were kidnapped by some unknown armed militants in Caquetá province in Colombia on June 8, 2011. We have urged the Colombia authority to spare no effort to carry on the rescue work under the premise of guaranteeing the safety of hostages. Since then, the Chinese embassy in Colombia has kept in close cooperation and contact with Colombia’s relevant departments. The rescue work has not finished yet, but the safety of the four hostages can be guaranteed. Chinese companies are facing more risks as they go global on a larger scale. We need to increase our political backup and diplomatic guarantee to them, strengthen the consular protection and safeguard their legitimate interests. Meanwhile we advise Chinese people in Latin America to improve their sense of safety and precaution.

Q: How about China-Mexico relations?

A: China and Mexico are both developing countries and are working at enhancing people’s living standards. They hold the same positions on many international issues and regularly cooperate on these..

China and Mexico have some trade friction over trade imbalance problems, but we hope both sides can deal with the problems reasonably and from a development point of view.

We hope both can take active measures to promote the diverse, comprehensive and healthy development of the two countries’ economic and trade relations.

February 14 marks the 40th anniversary of diplomatic relations between China and Mexico. We believe the relations can become more comprehensive, steadier and healthier with the two countries’ joint efforts in the future.

Q: Can you talk about the relationship between China and Brazil?

A: Brazil is one of the biggest countries in Latin America and one of the emerging powers in the region. The China-Brazil relationship is one of the most important between China and Latin America.

In recent years, the strategic partnership between China and Brazil has made considerable progress. They maintain a good momentum of high-level exchanges and the political mutual trust is deepened.

Their economical cooperation is also deepening constantly, which has brought tangible benefits to people of both countries. Bilateral trade volume exceeded $80 billion in 2011. Investment cooperation in finance, energy, steel, and machine manufacturing has also made great progress, and is expanding constantly.

China and Brazil have active exchanges in science, technology and culture as well.

The cooperation in the fields of Earth resource satellites, agricultural technology and aviation is progressing continuously. And the cooperation in culture and education is also very close.

China’s Confucius Institute Headquarters opened two Confucius Institutes and a Confucius school in Brazil and Brazil’s important media institutions have sent many journalists to work in China.

China and Brazil are both developing countries and have broad and consistent interests on major international issues. The Chinese government attaches great importance to relations with Brazil and believes the two countries’ cooperation in various fields will make great progress with their joint efforts.

Documental incredible de los paises – BRIC

Benito — Wed, 12 Oct 2011 16:02:05 +0000

Documental incredible de los paises – BRIC-episodio-1

Del canal Argentino – Infinito

Global gloom places Latin America on alert – Financial Times

Benito — Fri, 07 Oct 2011 05:56:52 +0000

Interesting article written by John Paul Rathbone, Latin America editor of the Financial Times.

Every day Luis Castilla, Peru’s finance minister, says he lights a candle and “prays that China won’t crash”.

His prayers are echoed by many in a region that remains one of the world economy’s few bright spots. South America’s commodity-rich economies grew 5 per cent in the first half of this year. Last year, these new motors of the world economy added half a percentage point to global output.

But slowing Asian demand and plunging commodity prices have raised the spectre that South America, having largely escaped the 2008-09 Great Recession, may not be so lucky this time around.

Main point = Potential new financial crisis in the “Developed World” + slow down in China = Scared Latinos

Click here to read the full article direct from the Financial Times

Real picture of Sino-Latin America ties [China Daily US Edition]

Benito — Mon, 13 Jun 2011 23:45:42 +0000

The author is deputy editor of China Daily US edition. He can be reached at chenweihua@chinadaily.com.cn

The Western media continually criticizes China’s role in Latin America as being “neocolonial” and claims it has an “insatiable demand for commodities”, so I was keen to observe the people’s attitude toward China during my trip to the region recently.

Judging from the enthusiasm for China displayed by government officials, businessmen, academics and ordinary people in Chile, the picture presented by the Western media has been seriously distorted.

At the UN Economic Commission for Latin America and the Caribbean, chiefs and experts attributed the fast trade and investment growth from China as a key factor for Latin America not only surviving, but thriving during the global financial crisis.

The same message was heard from top Chilean officials at the 5th annual meeting of the Chile China Business Council, which drew some 500 government officials and business people.

It is true that commodities are an important part of the trade between China and Latin America. However, that trade benefits not only China, but also Latin America and the rest of the world.

By being the world’s manufacturing workshop, China has paid a high environmental cost. Just half a century ago, that job was done in most of today’s developed countries when they were the global manufacturing center.

Many developed countries have an insatiable demand for China’s rare earth and, of course, the country’s cheap labor. But this never seems to bother the Western media.

In fact, China and Latin America are quickly diversifying and elevating their trade and investment as witnessed by the host of agreements signed by China and Cuba, Uruguay and Chile in the past few days.

China has already become Chile’s largest trade partner. Chinese businesses are increasing their presence in the South America country. The billboards on Santiago streets by automaker BYD and appliance firm Haier, and the Chinese businessmen who do trade, operate malls and run convenience stores are proof of China’s presence.

Both countries share a priority in development. Chile aspires to become a developed country and China wants to become a xiaokang (well-off ) society.

Chilean President Sabastian Pinera made constant reminders that the two countries are very close despite the geographical distance between them.

The mood among the ordinary people I met in Chile was also favorable to China. I have never heard the word “Welcome” as often as I did in Chile. Ordinary Chileans I met in cafes, museums, parks in Santiago and Pablo Neruda’s colorful and hilly neighborhood in historic Valparaiso greeted me with “Welcome to Chile”.

What Pinera said was true. China and Chile are very close. In South America, Chile was the first country to recognize China’s market economy status, the first to sign a free trade agreement with China, the first to establish diplomatic ties with China and the first to support China’s WTO accession.

Of course, China and Latin American countries, all belong to the developing world and are going to compete with each other. But we all know that competition is a good thing and there is no need to distort the picture simply because of competition.

Latin American nations are independent countries and they are no one’s backyard. For China and Chile, they are really neighbor countries separated only by the Pacific. You can literally fly from Beijing to Santiago without passing over any other country.

China Latin America Trade Jumps in 2010

Benito — Tue, 10 May 2011 16:12:02 +0000

Presidents Dilma Rousseff and Hu Jintao in China last month can celebrate rising two-way trade. (Photo: Roberto Stuckert Filho/PR)

China’s trade with Latin America is growing twice as fast as U.S. trade with the region.

BY RUTH MORRIS of the The Latin American Business Chronicle

SHANGHAI — China’s dragon breathed fire into Latin America in 2010, as trade between the two sides shot up by a spectacular 51.2 percent, to $178.6 billion, and memories of the economic recession melted away.

China’s trade with Latin America is growing at nearly twice the level of US trade with the region. It also is significantly higher than the 31 percent increase in trade between the European Union and Latin America last year.

Click here to read more direct from the Latin American Business Chronicle

Peru, Colombia, Chile & Mexico to ink Pacific Agreement this week – Andina

Benito — Mon, 25 Apr 2011 00:19:55 +0000

Andina News Reports –

Lima, Apr. 24 (ANDINA). Peruvian President Alan Garcia and his counterparts from Colombia, Chile and Mexico will meet in Lima this week to sign an agreement aimed at deepening integration among the countries.

Garcia Perez will host Colombia’s Juan Manuel Santos, Chile’s Sebastian Piñera and Mexico’s Felipe Calderon on Thursday, April 28, in the Peruvian capital.

The pact seeks to create favorable conditions for the movement of capital, goods and services among the four signing countries.

President Felipe Calderon will pay a state visit on April 27, one day before the planned summit; while reports from Chile suggest that President Piñera will stay in Lima for “only a couple of hours.”

In Lima, President Garcia has hailed the agreement as a “clear and definitive victory” of a modern and open democracy.

Bloomberg — Inter-American Bank to ‘De-Dollarize’ Region With Local Currency Funds

Benito — Tue, 29 Mar 2011 11:46:11 +0000

The Inter-American Development Bank plans to help Latin American countries “de-dollarize” their economies by providing more financing in local currencies, said bank President Luis Alberto Moreno.

“Part of our role should be to help the countries in the region de-dollarize and to have more of their stock of debt in local currency,” Moreno said in an interview during the bank’s annual meeting in Calgary.

Surging foreign investment and faster economic growth are leading to stronger currencies in countries such as Chile, Brazil and Mexico. The region accounted for twice as much of global capital inflows in 2009 as it did in 2006, Moreno said.

“That is having a huge impact on our exchange rates, on the tradable sector,” Moreno, 56, said. “All countries are worrying about the impact of overheating.”

To offset the currency gains and to develop capital markets across the region, the Washington-based lender plans to increase borrowing in local currencies, while allowing more borrowers in the region to convert their IDB loans from U.S. dollars.

Click here to read the full article from Bloomberg

MUST READ ARTICLE – Obama / US Wake up! Look South for Opportunities

Benito — Wed, 16 Mar 2011 09:14:41 +0000

Finally, FINALLY… an article which logically presents the incredible opportunities for the US in Latin America… it’s neighbors — [ http://www.latinbusinesschronicle.com/app/article.aspx?id=4809 ]

Obama it’s time as we say in Peru to “ponte las pilas” and look South to your long ignored neighbors.

” For Obama, a New World to Discover — “The Americas will remain a new world of opportunity for U.S. workers and farmers if Washington is prepared to lead. There’s no time like the present for American business to get a piece of the action — or for President Obama to help open the door.” ~~ Latin America Business Chronicle

Latin American in 2011

Benito — Thu, 06 Jan 2011 11:30:15 +0000

I came across a few interesting articles today which attempt to outline what we can expect, for the better or worse, from the greater Latin American region this year.

Latin America in 2011: the year ahead – The Global Post

FACTBOX-Key political risks to watch in Latin America – Reuters

Latin America 2011: Expert Q&A – The Latin Business Chronicle

Stable Outlook for Latin America Oil and Gas Industry in 2011 – BUSINESS WIRE / Fitch Ratings

Enjoy