China offers $9 billion credit line to LAC countries
/ Our Today
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Chinese President Xi Jinping is pouring in over 9 billion dollars in fresh credit lines to support development in Latin America and the Caribbean region.
Xi made the announcement in a speech at a ministerial meeting of the China-CELAC Forum in Beijing on Tuesday.
He said trade between China and Latin American countries exceeded $500 billion for the first time last year, for a 40-fold increase compared to the beginning of this century. Xi expressed readiness to join hands with the countries amid “surging undercurrents of unilateralism and protectionism.”
He pledged to strengthen cooperation in fields including infrastructure, agriculture and energy. He also announced China would provide 66 billion yuan, or $9.2 billion, in credit to the region.
On Monday, China and the US said they agreed to cut additional tariffs on each other by 115 percentage points, easing their trade dispute for the time being. It remains unclear whether they can reach an agreement on issues such as opening markets and balancing out the bilateral trade deficit.
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