Latin America strives for stability and growth as China-LAC cooperation deepens-Xinhua

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MEXICO CITY, Dec. 31 (Xinhua) -- From Mexico's first female president to political volatility in Bolivia, and Ecuador's severing ties with Mexico, Latin America navigated 2024 through challenges, progress, and change.

Amid global turbulence and external intervention, the region seized moments like the APEC Economic Leaders' Meeting in Peru and the G20 Summit in Brazil to embrace the Global South. It has been working with China to strengthen cooperation and amplify the Global South's collective voice in global governance.

POLITICAL LANDSCAPE: LEFT AND RIGHT IN FIERCE COMPETITION

Over the past year, Latin America's political landscape remained broadly stable, yet the region's left-right struggle persisted, influencing governance and regional cooperation. The year 2024 witnessed intensified ideological divides in the region.

Six nations -- El Salvador, Panama, the Dominican Republic, Mexico, Venezuela, and Uruguay -- held elections. The ruling parties triumphed in four countries, while Panama and Uruguay saw power shifts. Mexico and Venezuela continued under leftist rule, whereas right-wing governments retained power in El Salvador and the Dominican Republic.

Prominent nations like Mexico and Brazil maintained leftist dominance, while Argentina and Ecuador experienced a resurgence of right-leaning influence.

This ideological divide sparked friction between nations. Argentine President Javier Milei, a vocal rightist, frequently criticized leftist leaders in Mexico, Brazil, and Colombia.

Disputes over the presidential elections deepened divisions, prompting Uruguayan President Luis Alberto Lacalle Pou to warn that an "ideological club of friends" could jeopardize regional cooperation.

ECONOMIC RESILIENCE AMID CHALLENGES

Despite global economic uncertainties, Latin America showcased resilience in 2024, although post-pandemic recovery challenges -- slow growth and high unemployment -- persisted.

According to the Economic Commission for Latin America and the Caribbean, the region's economy is expected to grow by 1.8 percent in 2024. Structural issues, including low investment, stagnant productivity, and limited job market expansion, remain obstacles to sustainable growth.

Brazil, under President Luiz Inacio Lula da Silva, focused on green economy initiatives and industrial investment, achieving gradual recovery despite weakened global demand. Mexico benefited from nearshoring trends and a booming manufacturing sector, though high inflation and security concerns posed constraints.

In Argentina, President Milei's austerity-driven "shock therapy" reduced energy and transportation subsidies, triggering soaring prices and living costs but achieving a rare fiscal surplus and stabilizing foreign reserves. However, the country experienced a wave of protests and riots, reflecting the dual realities of market optimism and public discontent.

EXTERNAL INTERFERENCE, INTERNAL TURMOIL

U.S. policies, including sanctions and immigration measures rooted in "America First," continued to destabilize parts of Latin America. Before assuming office, U.S. President-elect Donald Trump threatened 25 percent tariffs on goods from Mexico.

In October, the UN General Assembly overwhelmingly passed a resolution urging the United States to lift its embargo on Cuba. Cuban Foreign Minister Bruno Rodriguez Parrilla denounced the embargo, saying cumulative economic losses had exceeded 164 billion U.S. dollars.

Former Bolivian Foreign Minister Fernando Huanacuni criticized U.S. interference for bringing suffering and turmoil to the region.

Domestically, Ecuador faced rampant gang violence, severe droughts, and energy crises, prompting nationwide electricity rationing. Bolivia, meanwhile, experienced an attempted coup in June, when military forces stormed the presidential palace. Haiti remained engulfed in violence, with armed gangs controlling key regions and December attacks in Port-au-Prince leaving over 100 dead.

DEEPENING CHINA-LAC RELATIONS

The year 2024 marked a year of mutual commitment between China and Latin America, highlighting high-level diplomatic engagements that bolstered cooperation.

In November, Chinese President Xi Jinping visited Latin America for the first time since the 20th National Congress of the Communist Party of China, reinforcing China's commitment to the region. Leaders from countries such as Antigua and Barbuda, the Dominican Republic, Suriname, and Peru also visited China, ushering in a new era of win-win cooperation.

Key milestones included the strengthening of China-Peru and China-Brazil partnerships.

Xi and Peruvian President Dina Boluarte witnessed the signing of agreements under the Belt and Road Initiative and of a protocol on upgrading the bilateral free trade agreement.

During Xi's state visit to Brazil, the two countries elevated their bilateral ties to a community with a shared future for a more just world and a more sustainable planet and signed over 30 cooperation agreements.

During his Latin America tour, Xi also met with leaders from Mexico, Chile, Bolivia, and Argentina, emphasizing China's readiness to align development strategies and further enrich the China-LAC (Latin America and the Caribbean) community with a shared future.

GROWING INFLUENCE OF GLOBAL SOUTH

In his congratulatory message to the Global South Media and Think Tank Forum held in November in Sao Paulo, Brazil, Xi noted that at present, the Global South is growing with a strong momentum and playing an increasingly important role in the cause of human progress.

At the G20 Summit, China supported Brazil's initiative to form the Global Alliance Against Hunger and Poverty and co-launched an Initiative on International Cooperation in Open Science with Brazil, South Africa, and the African Union.

As the region's "super election cycle" continues, upcoming elections in Ecuador, Suriname, Bolivia, Honduras, and Chile are expected to sustain left-right competition.

Latin America, often described as being "too far from heaven, too close to the United States," will remain heavily impacted by the new U.S. administration's policies. Yet, the region's pursuit of independence and calls for justice continue to gain momentum.

With the 10th anniversary of the China-CELAC (the Community of Latin American and Caribbean States) Forum on the horizon, China-LAC relations will continue to thrive, delivering benefits to both sides and contributing to global development. ■

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Latin America strives for stability and growth as China-LAC cooperation deepens-Xinhua

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