China plans to establish bank in Mexico
In another sign of China’s drive to establish itself as a major player Latin America, China and Mexico announced plans to establish a Chinese bank in Mexico.
“[W]e believe that the establishment of a Chinese bank will be a great help in attracting investments and to aid business between Mexico and China,” indicated Secretary of Foreign Relations, Patricia Espinosa, at a recent press conference.
The man presumed to be China’s next leader, Xi Jinping, met with Espinoza during her trip to China where she indicated that both parties had expressed an interest in increased Chinese investment in Mexico, but that the plans were still in the exploratory stage.
Increased exports of Mexican beef, poultry, limes, mangos, and avocados to China where mentioned as Mexico seeks to diversify its export-oriented economy dominated by trade with its neighbors to the north, the United States and Canada.
Mexico, one of the world’s top 15 exporters and top 12 importers, has the greatest number of free trade agreements in the world and is the largest importer and exporter in Latin America, surpassing Brazil, Argentina, and Venezuela combined.
Mexico is currently the United States’ second largest trading partner, second only to Canada, exporting approximately 260 billion in goods to the U.S. while importing some 200 billion worth of U.S. goods.
The last decade has witnessed a notable acceleration of Chinese economic and political activity in Latin America.