Xi’s Latin America Tour

In the infographic below, Chinese news outlet, ifeng.com (???), provides a helpful overview of the highlights of president Xi Jinping’s July 2014 visit to Latin America, from the establishment of a BRICS development bank to a series of bilateral agreements. Xi’s achievements (??), as identified in the graphic, are outlined in the translation below.

?? ??? 2014?07?27? ???:

 Xi Jinping Latin America Tour: Highlights

1. BRICS

Meeting place: Fortaleza, Brazil

1. Founded the New Development Bank
– General Headquarters: Shanghai
– US$50 billion in initial financing and eventual capital of US$100 billion.
– Voting power equally divided among the five founding members; New Development Bank will begin operations in 2016

2. Launched a $100 billion BRICS Contingent Reserve Arrangement
– China contributes US$41 billion to the financial pool in exchange for 39.95% voting power

2. China-Brazil

1. Signed 56 cooperative agreements
– Signed defense-related Complementary Protocol to the Framework Agreement
– China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) exploitation of Brazil oil fields
– Purchase of 60 E190 planes from Embraer
– Brazil will rent a deep water drilling platform from China for over US$1 billion

2. China and Brazil will work with Peru to build a railway system connecting the Atlantic and Pacific oceans

3. Meeting in Brasilia of leaders of China and Latin America and the Caribbean
– US$20 billion dedicated fund for infrastructure development
– Plans to expand investment stock in Latin America to $250 billion within the next 10 years
– US$5 billion in initial funding for China-Latin America Cooperation Fund

3. China-Argentina

– Relationship upgraded to a “comprehensive strategic partnership”
– Cooperation on nuclear plant construction
– Consortium of Chinese banks will provide financing for Argentina’s largest hydropower project

4. China-Venezuela

– Relationship upgraded to a “comprehensive strategic partnership”
– US$4 billion in oil-backed loans
– Support for Venezuela’s petrochemical industry and special economic zone development
– Delivery of a remote sensing satellite
– US$691 million gold and copper extraction project

Venezuela currently delivers 524,000 barrels of crude to China per day
By 2016, Venezuela’s oil exports to China will reach one million barrels/day. Click here to read more.

5. China-Cuba

1. Priority areas of cooperation
Pharmaceuticals, agricultural, infrastructure, energy and tourism

2. Cooperative development projects
Agricultural technology demonstration zone, digital television demonstration zone, new ports, and a special economic zone