In the previous post, in the context of the declining influence of the United States in Latin America as more countries there break free of the traditional US dominance and experiment with Leftist economic models, I mentioned China's growing role in Latin America.
In 2010, China loaned more money to Latin American countries than the World Bank, the Inter-American Development Bank, and the US Export-Import Bank combined, and it's loans there have totaled US$100 billion since 2005. It is fast approaching the US as the region's largest trading partner and its trade with Chile, Peru, and Brazil, Latin America's biggest economy, exceeds that of the US, while it has become the second largest trading partner with Mexico after the US(1).
Chinese President Xi Jinping and Venezuelan President Nicolas Maduro last week signed new deals for "development projects in energy, mining, industry, technology, communications, transport, housing and culture" worth US $18 billion.(2)
1 China in Latin America
2 Venezuela Receives US$18 Billion of Chinese Financing, Signs 38 Accords
Where Xi leads, Abe follows? China, Japan compete in Latin America
Latin America has power to reshape relations with China - but will it use it?