BONDS STRENGTHENED: The first China-Latin America and the Caribbean Think Tank Forum is held on November 8 in Beijing (WANG LEI)

China and Latin American and Caribbean (LAC) countries sped up the development of their diplomatic relationships in many areas over the last ten years, said Xu Jialu, vice-chairman of the Standing Committee of the National People's Congress (NPC) at the China-Latin America and the Caribbean Think Tank Forum held on November 8 in Beijing.

This year marks the 50th anniversary of the establishment of diplomatic ties between China and LAC countries. Much progress has been made in strengthening relations between the two sides in recent times.

China is currently the world's largest developing nation; fittingly, many LAC countries are also still developing. The two sides have enhanced their own development through diplomatic and trade programs that have mutually benefited both parties.

Trade between the two sides has ballooned over the past 10 years, expanding from less than $13 billion to $140 billion, with an average annual growth rate of more than 30 percent. China is one of the group's largest trade partners.

Meanwhile, investment between the two sides grew fast during the past year, with China's direct investment in LAC countries hitting nearly $9 billion. In addition, the two parties have cooperated in other areas such as technological development, scientific research and infrastructure development.

Cultural exchanges have also expanded in recent years. Both sides have organized several cultural delegations for diplomatic visits, as well as holding cultural activities for tourists and students from both sides.

China declared that 21 Latin American and Caribbean countries have become top tourism destinations for the Chinese people; the country has also set up 21 Confucius Institutes in LAC countries.

An increasing number of well-known media companies from LAC countries have set up offices in China; 33 LAC countries took part in China's 2010 Shanghai World Expo, which closed on October 31. "The relationship between China and Latin American and Caribbean countries is in its best period," said Xu.

With a theme of "China Latin America relations in the face of important opportunities – A perspective for the next 10 years," the purpose of the forum was to put forward constructive suggestions for the development of the two sides, provide expert consultants for decision-makers on both sides and ultimately develop even stronger ties between China and LAC countries.

"Caribbean governments have increasingly pursued friendly relations with China as one of the highest priorities in their external policies," said Kenneth O. Hall ON, GCMG, OJ, former Governor-General of Jamaica. "This is reflected in the number of countries that have established diplomatic missions with resident embassies in Beijing," he added.

The relationship between China and LAC countries is based on mutual respect for the political, economic and cultural priorities of the two sides, he said.

Some 100 participants were present at the forum, including experts and scholars from Chinese and LAC think tanks, as well as diplomats and reporters. The forum was sponsored by the Chinese People's Institute of Foreign Affairs (CPIFA).

At the end of the forum, participants exchanged views on how to strengthen the growing relationships between the countries represented there.