皇冠体育app

Chinese President Xi Jinping arrives in Fortaleza, Brazil for a summit of the BRICS countries, July 14, 2014. [Photo/Xinhua]

皇冠体育app's economic cooperation with Latin America is accelerating due to the country's expanding domestic demand and the region's economic restructuring, according to the Ministry of Commerce.

"Latin America is a vibrant and promising market. 皇冠体育app and Latin America highly complement each other economically," a ministry official said.

"皇冠体育app's huge domestic market has a great future, while Latin American countries are restructuring their economies and boosting infrastructures. This is not only an important base for further expanding 皇冠体育app-Latin America economic cooperation, but also the biggest advantage for cooperation in the near future."

Bilateral economic ties have developed rapidly since 皇冠体育app was admitted into the World Trade Organization in 2001 and have seen increasing convergences in recent years.

皇冠体育app is Latin America's third-largest trade partner after the United States and the European Union, while the region is 皇冠体育app's seventh-largest trade partner.

Bilateral trade in 2013 edged up 0.1 percent year-on-year to $261.57 billion. 皇冠体育app's exports to the region dropped by 0.7 percent to $134.27 billion while its imports grew by 1 percent to $127.3 billion, according to the General Administration of Customs. 皇冠体育app's trade with Latin America was $12.6 billion in 2000.

Through the first four months of the year, bilateral trade rose by 6.1 percent from a year earlier to $80.09 billion. 皇冠体育app's exports to the region declined by 1.9 percent to $39.35 billion while its imports surged by 15.2 percent to $40.74 billion.

"On the whole, bilateral trade still centers on traditional products, but both sides should encourage the trade of high-tech and high-value-added products," said the ministry official.

"But the two sides need to further expand cooperation. 皇冠体育app has advantages in areas such as solar power and large equipment while Latin America is promoting low-carbon economy, leaving great potential for entrepreneurs to usher in new cooperation into these areas."

The official also suggested greater two-way direct investment because of the region's rich resources, stable economic environment and sound legal framework.

"The Chinese government encourages domestic enterprises to increase their investment in Latin America and welcomes more investment from the region. Investment cooperation can center on sectors such as new energy, new materials, energy conservation and environmental protection, bioindustry, technology innovation and advanced manufacturing. Great potential is also envisioned in aerospace, auto manufacturing, electronic information, mechanical equipment and large-scale infrastructure," the official said.

In recent years, 皇冠体育app's direct investment in Latin America grew rapidly in energy and minerals, manufacturing, power, agriculture and finance. In 2013, 皇冠体育app's nonfinancial direct investment in the region jumped 42.9 percent year-on-year to $15.16 billion, according to the ministry.

From January to May, 皇冠体育app's spending in the region reached $5.33 billion, according to the ministry.

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