Abstract
Latin American countries were not a part of the earlier draft of the route map of China’s Belt and Road initiative. Through efforts of both sides, starting from the Belt and Road Forum for International Cooperation in May 2017, Latin America has become an indispensable and important participant of the ‘Belt and Road’ initiative. In view of the differences in history and objective circumstances between China and Latin America in terms of histories, cultures, current economic states and development needs etc., policy coordination plays a fundamental role in the China-Latin America cooperation under the framework of the Belt and Road initiative. This article explores the four aspects of policy coordination in the BRI context, namely historical background, philosophy, principle and objective. The article notes that the weight of the US, EU and Japan in the global economy is decreasing, and the number of contradictions in the national economies of these countries, on the contrary, is growing. At the same time, the aggregate economic weight of developing countries is increasing. This new paradigm of development of the world economy gives a chance to developing countries, namely China and Latin America, to deepen economic cooperation. China has already become the second largest trading partner and the third largest source of investment for Latin American countries. China also proposes a solution based on its own Chinese experience, which will allow countries from Latin America to further accelerate their economic growth through infrastructure cooperation within the framework of the Belt and Road Initiative. The basic principles of such cooperation are win-win cooperation, shared growth through discussion and collaboration and the essence of policy coordination, etc. It is believed that, on the premise of a high degree of consensus achieved through policy coordination, both China and Latin America will achieve sustainable and efficient cooperation and development under the framework of the Belt and Road initiative.
Highlights
Between China and the Latin American countries are the vast seas of the Pacific
In view of the foundation of cooperation built through the history of China-Latin America relations, realistic needs of both sides and the benefit for promoting globalization, as well as the openness and inclusiveness characteristic of the Belt and Road initiative itself, it is inevitable that Latin America would become a necessary and active participant of the initiative
Both presidents of Argentina and Chile along with close to 20 ministerial officials from other Latin American and Caribbean countries attended with enthusiasm the Belt and Road Forum for International Cooperation held in May 2017 upon invitation
Summary
Between China and the Latin American countries are the vast seas of the Pacific. the Latin American countries were not a part of the earlier draft of the route map of China’s Belt and Road initiative [Vision and Actions on Jointly Building Silk Road Economic Belt 2015]. In view of the foundation of cooperation built through the history of China-Latin America relations, realistic needs of both sides and the benefit for promoting globalization, as well as the openness and inclusiveness characteristic of the Belt and Road initiative itself, it is inevitable that Latin America would become a necessary and active participant of the initiative. In November, 2017, at the meeting with the Panama president Juan Carlos Varela Rodríguez, Xi again emphasized that “China regards Latin America as an indispensable and important participant of the ‘Belt and Road’ initiative” [Xi Jinping Meets with President Varela of Panama 2017] These meetings marked the beginning of a joining path of China and Latin America as they are writing a new chapter of cooperation in history under the framework of the Belt and Road initiative. The change and uncertainty of politics and economies of the U.S and Europe, the new concept of striving away from low growth promoted in the Belt and Road initiative, the common efforts of China and Latin American countries in building new international political orders, compounded with many other factors constitute the historical background for strengthened China-Latin America policy coordination under the Belt and Road framework
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