According to Chinese statistics, two-way trade between China and Venezuela reached a record high of $9.85 billion in 2008, up 68.2 percent from the previous year. Trade between China and Latin America as a whole has also grown rapidly. It hit $143.39 billion in 2008, up 39.7 percent from the previous year and 10 times that in 2000.

China regards Latin America as an important strategic partner, said Wu. It is a major provider of China's iron ore, oil, copper and beans, raw materials that are indispensable to the country's development. Apart from economic complementariness, the two sides also coordinate in international affairs, such as the ongoing effort to cope with the international financial crisis. Given these factors, Latin America's strategic importance to China has increased, she said.

Xi's Proposals

At the opening ceremony of a seminar for Chinese and Venezuelan entrepreneurs on February 17 in Caracas, Venezuela, Chinese Vice President Xi Jinping made the following suggestions on strengthening China-Latin America relations:

--China is ready to maintain high-level visits and contacts with Latin American nations and favors increased mutual understanding and support on issues of mutual concern. Both sides should strive to improve the existing bilateral and multilateral mechanisms of political consultation and dialogue, and coordinate cooperation in various fields from a strategic height and long-term perspective. In the face of the global financial crisis, China is ready to work with Latin American nations to strengthen coordination and boost confidence so as to contribute to the stable growth of the global economy.

--China is ready to continue to expand trade and mutual investment with Latin American nations, push forward pragmatic cooperation in such key areas as energy, finance, agriculture, manufacturing, infrastructure and the hi-tech industry. The Chinese Government is ready to join hands with Latin American governments to further promote strategic cooperation between companies from both sides and make continued efforts to ensure more success in hosting the China-Latin America Business Summit and the China-Caribbean Economic and Trade Cooperation Forum.

--China is ready to enhance exchanges with Latin American nations in the fields of culture, education, health, sports and tourism, and carry out practical cooperation in poverty alleviation, social security, environmental protection and disaster relief. Both sides should also expand exchanges between youth and women organizations, as well as media organizations and academic institutions, in an effort to promote understanding and friendship between the Chinese and Latin American peoples.

--China is ready to strengthen coordination with Latin American nations by participating in regional and international organizations or other multilateral mechanisms, and jointly safeguarding the legitimate rights and interests of developing nations. Both sides should work together to push for the establishment of a global economic system for sustainable development, an inclusive international financial system, a fair and equitable international trading system and a fair and efficient global development system. Both sides should urge developed countries to fulfill their commitments in terms of increasing investment and aid, reducing trade barriers, speeding up technology transfer and reducing and writing off debts.

Source: Xinhua News Agency