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Chinese Economic Development: Impact on LAC Countries

In: China, Latin America, and the Global Economy

Author

Listed:
  • Menghuai Xiang

    (Public Policy and Managemnet School of Tsinghua University
    Law School of Tsinghua University)

  • Mingyuan Li

    (Tsinghua University School of Marxism Theory)

Abstract

This chapter focuses on the impact of China’s economic development model on Latin American economies in terms of several different stages. After the reform and opening up, China vigorously implemented an export-oriented trade strategy and achieved economic take-off in a relatively short period of time. China’s economic ties with various countries around the world have also become closer and closer, and in this process, China’s Latin American trade has made a breakthrough. With China’s accession to the WTO and further expansion of its openness to the outside world, trade between China and Latin American countries has also been growing. The limitations of the export-oriented trade strategy have been highlighted during the development process, and in response, after the economic crisis in 2008, China had to adjust its economic development model and gradually shift to a double-cycle development model with scientific development and focus on the domestic market. In 2013, President Xi Jinping proposed the Belt and Road development strategy, which also points the way for future economic cooperation between China and Latin America.

Suggested Citation

  • Menghuai Xiang & Mingyuan Li, 2023. "Chinese Economic Development: Impact on LAC Countries," Springer Books, in: Aaron Schneider & Alessandro Golombiewski Teixeira (ed.), China, Latin America, and the Global Economy, chapter 0, pages 71-86, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-18026-2_4
    DOI: 10.1007/978-3-031-18026-2_4
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