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Premier Li urges production capacity cooperation between China, LatAm

Updated: May 26,2015 3:59 PM     Xinhua

Premier Li Keqiang (L, front) meets with Alicia Barcena, executive secretary of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), in Santiago, Chile, May 25, 2015.[Photo/Xinhua]

SANTIAGO — Premier Li Keqiang on May 25 called on China and Latin America to enhance cooperation on production capacity and people-to-people exchanges.

The move came as Li addressed the Santiago-based Economic Commission for Latin America and the Caribbean (ECLAC) after he briefly met with Alicia Barcena, executive secretary of the UN body.

In his speech, Premier Li made a four-point proposal which he described as “the four pillars” of the China-Latin America cooperation.

They include reinforcing traditional friendship and mutual trust, mutual benefit and win-win cooperation, mutual learning between civilizations as well as China’s overall cooperation with regional organizations in the area.

Against the backdrop of the slow recovery of the global economy, countries should make use of their complementary advantages and strive to develop real economy, Premier Li said, encouraging countries to expand infrastructure construction to lever the development of the equipment manufacturing and related service sector, in order to boost economic growth.

International production capacity cooperation, which involves bringing in facilities, production lines, technology and management experience from other countries according to one nation’s own needs, will effectively reduce infrastructure construction cost, create jobs for the local communities, and promote the diversified development of domestic industries, he said.

Premier Li Keqiang delivers a speech at the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), in Santiago, Chile, May 25, 2015.[Photo/Xinhua]

“It is the right time for the Sino-Latin American production capacity cooperation, as China has cost-effective equipment and technology while Latin America needs infrastructure construction and industrial upgrading”, Premier Li said.

The cooperation, which is also open to the United States and Europe that enjoy developed technologies, is expected to achieve win-win results and mutual development, the Premier said, pointing out that production capacity cooperation is a new approach for deepening the North-South cooperation.

He pledged that China stands ready to invest in this area’s production lines to roll out more building materials needed by the local iron and steel, power and infrastructure sectors.

Premier Li also touched on China’s economic growth in his speech, saying that the world’s second largest economy is capable of keeping its economic growth within a proper range, though the country is facing considerable downward pressure.

During his trip to Brazil last week, Premier Li announced that Beijing will establish a $30 billion special fund for promoting China-Latin America cooperation in production capacity and equipment manufacturing. The premier said the fund will be channeled directly to cooperation projects with no political strings attached.