Chinese Premier Li Keqiang is to visit South America this month following a pledge to invest US$250 billion into the resource-rich continent over the next 10 years.
China, the world’s second-largest economy, is currently buying oil from Venezuela, copper from Peru and Chile, and soybeans from Argentina and Brazil, investing billions of dollars into the South American Economy.
Li’s visit to Brazil, Columbia, Peru and Chile comes after President Xi Jinping visited Latin America in July last year to boost China’s trade. Visits by top Chinese leaders are typically accompanied by impressive deals, especially in resource-rich nations like Brazil and Chile.
China has been steadily building ties with South America, which is traditionally considered the backyard of the United States, in an effort to continually look for resources to power its remarkable economic growth.
Earlier this year Beijing hosted leaders from 30 Latin American and Caribbean countries in the region for a China-CELAC forum. CELAC (the Community of Latin American and Caribbean States) includes all countries in the Americas except for the US and Canada.
Source Daily Mail