♤ With a target of US$500 billion in trade and US$250 billion investment in the region by 2025, China is working to establish itself as the dominant economic power in the region.

♤ Massive infrastructure projects in the region have been announced by China, such as the Bi-Oceanic Railway between the ports of Santos in Brazil and Callao in Peru, and the Canal project in Nicaragua. Indeed, China is setting the bar high for other powers to measure up to.

♤ As a manufacturing giant, China has huge requirements for raw materials of which Latin America has reserves: among them, copper, iron, sliver and tin. Further, in order to meet the demands of its growing population, China aims to import large quantities of agricultural produce from Latin American countries, such as crops including soybean.

♤ On the symbolic front, greater engagement with the Latin bloc serves to challenge the hegemony long exercised by the United States in the region. Economically, Latin America has a lot to offer: for one, Beijing looks to the region to meet its oil needs, with Venezuela and Brazil becoming important elements in China’s oil strategy.