Chinese President Xi Jinping reiterated Beijing's commitment to global South solidarity at the fourth ministerial meeting of the China-CELAC forum this week, pledging 66 billion yuan ($9.2 billion) in credit to Latin American and Caribbean (LAC) nations. "Only through unity and cooperation can countries safeguard global peace and stability," Xi emphasized, decrying "bullying" tactics amid rising geopolitical divisions.
The announcement underscores China's deepening engagement with LAC countries through multilateral platforms like the decade-old China-CELAC forum, which Xi described as having grown from a "young seedling" into a "great, sturdy tree." Over 200 Belt and Road Initiative (BRI) infrastructure projects across the region have reportedly created more than one million local jobs, with 21 LAC countries now participating in the program.
Analysts view the partnership as a strategic alignment of complementary economies. "Development is the inherent right of China and LAC countries as important Global South members," Xi noted, highlighting shared priorities in pursuing fair economic growth. The forum has evolved into a multi-layered cooperation mechanism hosting ministerial dialogues, trade summits, and cultural exchanges.
This collaboration comes as LAC nations seek alternatives to traditional financing models. China's latest credit pledge follows previous investments in ports, energy grids, and digital infrastructure across the region. With CELAC representing a quarter of the world's population and 20% of its land area, the partnership signals shifting global economic dynamics.
