World Economic Forum on Latin America Opens in Cancun

by Hongwei Shang on April 18, 2008

in News

• The World Economic Forum on Latin America opens, with more than 500 participants from 40 countries.
• Latin America is in a better position than ever to withstand a downturn in the global economy.
• China and other emerging Asian economies are natural partners for Latin America.
• The meeting offers the opportunity for Latin American business, government and civil society leaders to exchange ideas and develop regional approaches to global challenges.

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A key factor contributing to Latin America’s more robust economic position is the sharp increase in recent years of trade and investment between the resource-rich countries such as Chile and emerging Asian economies such as China and India that are heavy consumers of energy and raw materials. “We are here because of Latin America’s economic development and social progress,” said Guo Shuqing, Chairman of China Construction Bank, the second largest state-owned Chinese bank. With the Chinese economy continuing to expand rapidly to the point of overheating and the Chinese looking to invest more abroad, Latin America should be a natural partner for China as it addresses the growing challenges of food and energy security and rising inflation, Guo reckoned.

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