Subscribe free to our newsletters via your
. 24/7 Space News .

Chinese president wields economic might on LatAm tour
by Staff Writers
Havana (AFP) July 23, 2014

Chinese President Xi Jinping wrapped up a nine-day Latin American tour in Cuba on Wednesday, heading home with dozens of deals underlining Beijing's growing interest -- and influence -- in the region.

Xi kicked off his trip at a summit of the BRICS emerging powers in Brazil, then traveled to Argentina, Venezuela and Cuba -- three countries that have often been among the most outspoken critics of US dominance over the region.

His charm offensive began with the announcement by the BRICS -- Brazil, Russia, India, China and South Africa -- of a new $50-billion development bank and $100-billion reserve fund designed to provide an alternative to the Western-led World Bank and International Monetary Fund.

Latin American leaders had glowing praise for the move, which Xi followed up by proposing a $20-billion infrastructure fund for the region.

"A new beginning, a new perspective, a new motivation," he said at the launch of the development bank on July 15.

It earned him a warm welcome in Argentina, whose cash-strapped government, locked out of capital markets since defaulting on its debt in 2001, is fighting off hedge funds in a US court while staring down the threat of another default.

Argentina and China signed more than 20 deals worth several billion dollars during Xi's visit, in areas from oil to mining to agriculture.

"The arrival of new actors is going to bring our countries new and better opportunities, because it will no longer be possible to have a world where some dominate others. It will be a world of cooperation and that should be the new global model," said Argentine President Cristina Kirchner.

- 'Promising market for China' -

Xi again had his sights on raw materials and energy in his visit to Venezuela, where he signed some 30 deals with President Nicolas Maduro in the oil, mining and agriculture sectors.

"Venezuela has become one of the top countries for Chinese investment," said Xi.

China is also Venezuela's top creditor, and the second-largest market for Venezuelan oil after the United States. It pays for its average 640,000 daily barrels in part by writing down the $17-billion debt Caracas owes it.

Xi announced a "comprehensive strategic partnership" with both Argentina and Venezuela, highlighting China's eagerness to do business with the two resource-rich countries often given the cold shoulder by US and European investors.

He took the same tack in Cuba, signing more than two dozen deals ranging from a credit line to modernize the port of Santiago de Cuba, to developing golf courses in the Americas' only communist-ruled nation.

Cuba does not have as much heft on global markets as the other stops on Xi's itinerary, but its Cold War history is bound up with China's.

"China is full of confidence about the future development of relations between our country and Cuba, and that we will forever be good friends, comrades and brothers of Cuba," Xi said.

But analysts said his trip was more about business than ideology.

"China's political and economic expansion is pragmatic in character. It's not about ideology or competition with the United States, but a Chinese policy of looking long-term for natural resources in different parts of the world," said Venezuelan political analyst Carlos Romero.

Latin America in turn "represents a promising market for Chinese consumer goods," said Carlos Malamud of the Elcano Institute in Caracas.


Related Links
Learn about the Superpowers of the 21st Century at
Learn about nuclear weapons doctrine and defense at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Xi seeks energy deals in Venezuela
Caracas (AFP) July 20, 2014
Chinese President Xi Jinping arrived Sunday in Venezuela, the third leg of a Latin American tour aimed at bolstering trade with the region and sealing energy deals. The Chinese leader's charm offensive, which has already taken him to Brazil and Argentina and will next bring him to Cuba, seeks to secure new bilateral trade deals, particularly for coveted raw materials. Venezuelan Presiden ... read more

Landsat Looks to the Moon

Sky-gazers can expect one 'Supermoon' per month for the next three months

NASA LRO's Moon As Art Collection Is Revealed

Solar photons drive water off the moon

ASU, USGS project yields sharpest map of Mars' surface properties

Curiosity Finds Iron Meteorite on Mars

'Dry Ice' Cause of Gullies on Mars

Further Evidence of Dry Ice Gullies on Mars

UAE to create space agency, send unmanned probe to Mars

NASA Announces Early Career Faculty Space Tech Research Grants

SSERVI: Serving NASA's Mission to the Moon and Beyond, Part 1

Scotland Dominates Locations List For UK Spaceport

China's Fast Track To Circumlunar Mission

Chinese moon rover designer shooting for Mars

Yutu designer's bittersweet

Are China's Astronauts Moonbound

Russian Resupply Spacecraft to Deliver Snails to ISS for Experiments

NASA sends odor-resistant clothes to ISS

Airbus Defence and Space prepares launch of ATV-5 "Georges Lemaitre"

ATV's fiery break-up to be seen from inside

First Launch of Proton After Crash Scheduled for September 28

SpaceX Falcon 9 v1.1 Flights Deemed Successful

ISS 'space truck' launch postponed: Arianespace

45th Space Wing launches 6 second-generation ORBCOMM satellites

Brown Dwarfs May Wreak Havoc on Orbits of Nearby Planets

Friction from Tides Could Help Distant Earths Survive, and Thrive

Newfound Frozen World Orbits in Binary Star System

Discovery expands search for Earth-like planets

USAF orders ground approach radar for Saudi Arabia

Sandstone arches formed by gravity and stress, not erosion

19th Century Math Tactic Tweak Yields Answers 200 Times Faster

A new multi-bit 'spin' for MRAM storage

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.