In 2000, China imported only 3.9 billion US dollars worth of products from Latin American countries. The amount surged to 86 billion dollars in just over a decade, a clear indication of the fast growing economic ties between the two sides.

Today, economic and trade links between the Asian giant and the Latin American economies have multiplied significantly from the level at the beginning of the century, and are ready to bring along more political and cultural interactions to forge an all-round cooperative partnership that will benefit peoples on both sides.

Tap economic potential

Chinese President Xi Jinping said in Brazil Thursday that China will work with Latin American and Caribbean countries to boost their two-way trade to 500 billion dollars in 10 years.

In a keynote speech to a summit with 11 Latin American and Caribbean leaders, Xi said China will encourage and support more Chinese companies to invest in the region so that its stock of investment could reach 250 billion dollars in the coming decade.

He proposed a "1+3+6" cooperation framework to "promote faster, broader and deeper cooperation between the two sides for real results."

"One means one plan," he said, referring to the Chinese-Latin American and Caribbean Cooperation Plan (2015-2019), with the aim of achieving inclusive growth and sustainable development.

He also suggested that "three engines," namely trade, investment and financial cooperation, should propel the practical cooperation between China and Latin America so as to reach comprehensive development.

Cooperation between China and Latin American and Caribbean nations should focus on six areas: energy and resources, infrastructure building, agriculture, manufacturing, scientific and technological innovation, and information technologies, Xi said.

To facilitate cooperation in these areas, China will formally launch the 10-billion-US-dollar Special Loans for Chinese-Latin American and Caribbean Infrastructure and will, on this basis, further increase the credit line to 20 billion dollars.

China, he added, will also provide 10 billion dollars in preferential loans for Latin American and Caribbean countries.

The Latin American and Caribbean leaders attending the summit welcomed Xi's proposals, saying the region views China as its important cooperation partner and regards China's development as its significant opportunity.

Boasting with abundant natural and human resources, the leaders said their countries are pushing for reforms and development and wish to learn from China's successful experiences to promote common and sustainable development.

They also stressed the need to strengthen policy coordination and industrial connection with China, expand trade and investment, enhance cooperation in such fields as energy, mining, infrastructure construction, science and technology and finance.

Strengthen all-round cooperation

Noting that the world is undergoing economic globalization and political change, China and the Latin American and Caribbean countries acknowledged that their countries have a key role to play in the process of contributing to peace, stability, inclusive growth, sustainable development, prosperity and the forging of a multipolar world.

After leaders and representatives from both sides meet in Brasilia, a joint declaration was issued setting out a series of measures and policies that aim to expand all-round cooperation in various fields and consolidate bilateral ties.

Xi and leaders from the Community of Latin American and Caribbean States (CELAC) jointly announced the decision to establish a cooperation forum and to hold its first ministerial meeting in Beijing at an early date.

"It has been our shared aspiration to have closer overall cooperation," Xi noted.

The founding of the China-CELAC Forum will have a profound impact on the future development of China-Latin America relations and sends out a strong signal of their commitment to strengthening unity and coordination and promoting South-South cooperation.

China looks forward to making full use of the platform to carry out collective dialogue on political, economic, trade, people-to-people, social and foreign policy issues, and enhance cooperation in both breadth and depth, so that the two sides could complement one another and achieve common development, according to Xi.

"Within the framework of the forum, China looks forward to increasing dialogue and cooperation with regional and sub-regional organizations and ensuring the success of the China-Caribbean Economic and Trade Cooperation Forum, thus creating a comprehensive and well-designed network for overall development," Xi added.

China will also provide Latin American and Caribbean countries with 6,000 government scholarships within the next five years and invite 1,000 leaders of political parties for a visit.

The Chinese leader suggested that 2016 be designated as the "Year of Cultural Exchanges" between China and the region, saying that "we should promote exchanges and mutual learning to consolidate the basis for lasting friendship."

"China stands ready to work with Latin America and the Caribbean in the United Nations, the World Trade Organization, APEC, G20, G77 and other international organizations and multilateral mechanisms to safeguard the common interests of developing countries, through better coordination and cooperation on global and hot-spot issues such as global governance, sustainable development, climate change and cyber security," he said.

He called on the two sides to increase dialogue and cooperation on regional affairs in the Asia-Pacific and Latin America and jointly contribute to peace and prosperity of both regions.

Good partners to count on

During his meeting with leaders of the Quartet of the CELAC, Xi hailed the countries as "good friends" and "good partners" of China.

The Quartet comprises the current, previous and next rotating chairs of the CELAC -- Costa Rica, Cuba and Ecuador, respectively -- as well as the current rotating chair of the Caribbean Community, Antigua and Barbuda.

Xi said his country attaches great importance to its ties with the CELAC and appreciates the Quartet's advocation of cooperation with China and extensive efforts in preparing the China-CELAC Forum and leaders' meeting.

Expressing appreciation for the insights and suggestions offered by CELAC leaders, the Chinese president said he hopes that the two sides will strengthen coordination, formulate a roadmap for the next stage and push forward cooperation in various fields.

China-CELAC cooperation follows the trend of history and reflects developing countries' unity and self-reliance, Xi said, adding that they will embrace a brighter future.

Leaders of the Quartet noted that China has offered their countries sincere help with no political conditions attached and their cooperation with China has been mutually beneficial.

The proposals put forward by Xi fit the needs of Latin American and Caribbean nations and will strongly promote the sustainable development of Latin America, the leaders said.

Calling the China-CELAC Forum a "milestone" in CELAC-China relations, they said they look forward to strengthening dialogue, expanding cooperation and deepening friendship with China, so as to push forward bilateral ties, realize common prosperity and promote multi-polarization of the world and democratization of international relations.

The China-CELAC leaders' meeting was held during Xi's state visit to Brazil, the first leg of his ongoing Latin America tour, which will later take him to Argentina, Venezuela and Cuba.

The 33-member CELAC, established in December 2011 in Caracas, Venezuela, comprises all countries in North and South Americas but the United States and Canada.

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