China is ready to work with Argentina to continuously promote Belt and Road cooperation and deepen ties in areas including energy, mining, infrastructure, agriculture, sci-tech innovation and the digital economy, according to the Chinese government, who also expressed its “willingness to help the Argentine side maintain economic and financial stability.”
From the Argentine side, Argentina’s president noted that the two sides expressed “a desire to continue exploring new opportunities to expand and improve relations” and discussed “current trade and financial ties” showing Milei’s sudden shift in his position, as he does not want further deterioration of relations with the country’s second-largest trading partner and a crucial source of funding.
Milei announced plans to visit China in January 2025 for the Community of Latin American and Caribbean States (CELAC) summit.
It is expected that during his visit to China, Milei will seek to attract new investments in sectors such as energy, mining, and agriculture. China is particularly interested in Argentina’s lithium and copper reserves.
Another promising industry where China is making inroads in developing markets is electric vehicle production. Chinese electric vehicle companies will actively consider setting up factories in Argentina.
China’s penetration into Latin America, traditionally the “backyard” of the United States, began in the early years of this millennium. After the 2008 financial crisis, Beijing struck a series of advantageous deals with the governments of Argentina, Bolivia, Ecuador, Uruguay, Venezuela, and Brazil, providing China access to the natural resources of these countries—copper, iron, and oil.
In turn, Latin American countries, with the arrival of China, weakened the traditional grip of the United States and shielded themselves from the consequences of the global crisis.
China’s growing presence in Latin America has not gone unnoticed in Washington, especially with the rise of Donald Trump, who made confronting Beijing a central part of his agenda.
November 21, 2024
SOURCE: CALIBER
China – Argentina: Beijing raises stakes in Latin America