Abstract
As China reached a more mature stage of export‐led development at the turn of the millennium, Chinese demand soared for the very commodities that are highly abundant in Latin America. Prices for copper (Chile), iron ore (Brazil), soybeans (Argentina), fishmeal (Peru), and oil (Argentina and Brazil) reached new historical highs. The result was an average annual growth rate of 5–7% in these Latin American emerging economies from 2003 to 2012, but the slowing of Chinese growth in 2012 and the saturation of demand for these commodities has meant the onset of recession in these same economies. This article explores the themes of dynamism in the China–Latin America relationship and the debates about these rapidly growing economic ties across the Pacific. It also seeks to establish a more nuanced definition of Latin America's dependence on external commodity markets in the new millennium. Three main questions are explored: (1) what gains have been made in these countries as a result of this incredible growth boom? (2) what are the policy shortcomings of this era? and, (3) what is the path forward, in terms of policy responses and further reforms, now that Chinese demand for these commodities has clearly waned?
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