Since the start of the 21st century, it is clear that China has increasingly turned its attention to Latin America. Although not included in China’s “One Belt, One Road” initiative officially, Latin America has already garnered substantial commitment from China as a result of the latter’s financial funding for development projects and the enhancement of two-way trade relations.
In recent years, scholarly research has tended to analyze China’s financial clout and its impact on the governmental domestic and external decisions of Latin American countries. In this study, my purpose is to examine China’s financial initiative and its influence on development projects in Latin America.
With the advent of a “new normal” in China, Xi Jinping and Li Keqiang respectively proposed a “1+3+6” model and “3×3” model in 2014 and 2015 — a reflection of China’s assertive economic diplomacy during the Xi era. Their plan was to have China adopt a more active position toward the provision of financial loans to Latin American nations.
China’s financial funds and construction assistance have been poured into key infrastructural projects, such as those related to power generation and transportation in Ecuador and Argentina. It can be expected that such projects satisfy the needs of both the people as well as the government, and contribute to genuine development there. On top of the involvement of China in relation to technology, equipment, and design, an expansion in cooperation and partnership is currently and will also be in the future the best reward for China.