The Chinese currency-based scheme is part of efforts to internationalize the yuan. The credit line will serve to deepen further strategic and economic ties between Latin America and China. Xi recalled that Beijing offered a US$20 billion loan to support infrastructure development at the first CELAC forum in 2015.
Xi announced at the opening session of the forum that China would introduce visa-free travel for citizens of five Latin American and Caribbean countries, although the list of beneficiary countries has not yet been made public. He added that the scope of facilitated travel could be further expanded in the future.
In his speech, the Chinese head of state also recalled that trade between China and Latin America exceeded $500 billion for the first time in 2024. This is a significant increase compared to the 2023 figure of $450 billion, especially considering that bilateral trade was only $12 billion in 2000.
Xi Jinping emphasized that China supports Latin American and Caribbean countries in defending their sovereignty and independence and will oppose all attempts at external interference. He said that China and the CELAC countries view each other as equal partners and practice "true multilateralism."
According to the Chinese president, cooperation between states is essential for maintaining world peace and stability and promoting global development. He emphasized that trade and tariff wars have no winners, and countries that resort to power politics and intimidation risk their isolation.
China will invite 300 Latin American and Caribbean party officials on study tours over the next three years and is ready to expand cooperation in areas such as infrastructure development, agriculture, food industry, energy and raw material supply, clean energy, digital economy, 5G, and artificial intelligence.
The Chinese government is ready to increase imports from the region, encourage Chinese companies to invest, and offer law enforcement and security cooperation, such as providing law enforcement training and equipment in line with the needs of CELAC member states.
