The official highlighted the constant growth of trade in goods between the two countries in recent years, reaching 489 billion dollars in 2022. “During the first three quarters of 2024, trade reached 427.4 billion dollars, which represents a year-on-year increase of 7.7 percent, while the projection is to exceed 500 billion dollars by the end of the year,” he said.

The spokesman stressed that since the beginning of the 21st century, trade in goods between China and Latin America and the Caribbean has grown at a significantly higher rate than that of the rest of the world, which reflected the high complementarity of their economies. As an example, he cited Chile as the second largest supplier of fresh fruit to the Chinese market.

Lin also highlighted that China’s new energy industry offers affordable solutions to support the transition to green development in Latin America.

The spokesman noted that China currently has five free trade agreements in the region and has completed negotiations to update its trade pact with Peru. According to the spokesman, the rapid growth of this exchange is due to the vast market and promising development prospects of both parties.

Lin Jian indicated that China, as the world’s second largest economy, has a consumer market of 400 million middle-income people, a figure that is expected to double to 800 million in the future. Latin America and the Caribbean, on the other hand, has a population of 660 million with great potential for economic growth, he said.

The statements come within the framework of the visit of the Chinese president, Xi Jinping, to Peru to attend the 31st Meeting of Leaders of the Asia-Pacific Economic Cooperation Forum and to make a state visit.

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