Chinese Economic Development: Impact on LAC Countries

Abstract

This chapter focuses on the impact of China’s economic development model on Latin American economies in terms of several different stages. After the reform and opening up, China vigorously implemented an export-oriented trade strategy and achieved economic take-off in a relatively short period of time. China’s economic ties with various countries around the world have also become closer and closer, and in this process, China’s Latin American trade has made a breakthrough. With China’s accession to the WTO and further expansion of its openness to the outside world, trade between China and Latin American countries has also been growing. The limitations of the export-oriented trade strategy have been highlighted during the development process, and in response, after the economic crisis in 2008, China had to adjust its economic development model and gradually shift to a double-cycle development model with scientific development and focus on the domestic market. In 2013, President Xi Jinping proposed the Belt and Road development strategy, which also points the way for future economic cooperation between China and Latin America.