China Promises Latin America 'Trustworthy' Ties as Trump Lays Out Demands

• China will always be Latin America's "trustworthy" friend and partner, its foreign minister told his Bolivian counterpart, as Beijing looks to improve its foothold in a region historically under the U.S. sphere of influence.
• China wants to "continuously elevate the China-Bolivia strategic partnership", Wang told Bolivia's Foreign minister Celinda Sosa. Bolivia, which established diplomatic ties with Beijing in 1985, is among many countries in South America that have bonded economically with China through debt and investment.
• The resource-rich country owes China, the world's biggest bilateral lender, over US$1.7Bn according to World Bank data. Chinese firms have invested a further US$6.0Bn, statistics from the American Enterprise Institute think tank show, mostly in Bolivia's metals, energy and transport sectors. U.S. foreign direct investment in Bolivia stands at around US$430.0Mn, U.S. State Department data shows, predominantly in the oil and gas and manufacturing sectors.
• The U.S. and China look set to go toe-to-toe in Central and South America over U.S. President Donald Trump's second term, with Chinese investments in the region, particularly in energy and infrastructure, challenging U.S. influence.
• "China supports Latin American countries in defending their sovereignty, independence and national dignity," Wang said. He also congratulated Bolivia on becoming a member of BRICS, a group of developing nations founded by Brazil, Russia, India and China to rival a Western-dominated world order. The group has since grown to also include South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.
• Trump has repeatedly warned the BRICS not to challenge the dominance of "the mighty U.S. dollar," and threatened members with a 100% tariff "if they want to play games with the dollar."

(Source: Reuters)