Atimes.com
Jan 26, 2011
China Petrochemical Corp's purchase last year of Occidental Petroleum's Argentina operations capped close to US$15 billion of Chinese foreign investment in Latin America for 2010. In addition to this new source of foreign investment, China has become a new export market for Latin America. Well over $50 billion of Latin American products, chiefly iron and copper ores, soya, and crude oil, will reach China this year as well.
China's unprecedented and impressive growth has been a great boon to Latin America in the short-term. It is up to Latin American nations to translate these short-term gains into longer-run economic development.
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