Chongqing- On November 16, 14th China-LAC Business Summit kicked off at Chongqing Yuelai International Convention Center online and offline. Under the theme of "Openness and Innovation for Common Progress," the Summit is co-organized by the Promotion of International Trade (CCPIT), Chongqing Municipal People's Government, and the People's Bank of China.

Initiated by CCPIT in November 2007, the China-LAC Business Summit is recognized by the Chinese government as "a flagship brand in China-LAC practical cooperation," It is also incorporated as the trade and investment sub-section under the umbrella of the China-CELAC Forum now. The Summit is held annually in China and LAC countries on a rotating basis, and thirteen summits have been successfully convened until now.

Deepen economic and trade cooperation between China and LAC countries

Guillermo Lasso, President of Ecuador, delivered a speech at the opening ceremony via video, saying that the vaccine provided by China has provided crucial support for Ecuador to fight against the COVID-19 epidemic and the people of Ecuador are grateful for it. The China-Latin America Business Summit is an important platform to promote the development of China-LAC's economic and trade relations.  As the host country of the next Summit, Ecuador welcomes the active participation of people from China and Latin America.

Gao Yan, President of China Council for CCPIT, pointed out that Latin America and the Caribbean are essential participants in the international cooperation of the OBOR initiative. CCPIT is willing to work with the Latin American institutions to continuously raise China-Latin America economic and trade cooperation to a new level and jointly build a new era of equality, mutual benefit, innovation, openness, and benefit to the people of China-Latin America.

Cai Yunge, Vice Mayor of Chongqing Municipal People's Government, said that Chongqing and Latin America's economic and trade cooperation has great potential and broad prospects and will take this Summit as a new starting point to promote Chongqing-LAC economic and trade cooperation further to go deeper and more practical.

In a video message, Chen Yulu, Deputy Governor of the People's Bank of China, said that financial cooperation has played an important role in promoting the complementary economic advantages and mutual development strategies of China and Latin America. The People's Bank of China will continue to support the pragmatic financial cooperation between China and Latin America and further strengthen the communication and policy coordination with the central banks of Latin America.

Chongqing Initiative by Business Communities of China and LAC countries

In the Plenary Session of the Summit, representatives of business communities from China and LAC countries had an in-depth exchange of views and reached a consensus at the Summit on deepening economic and trade, infrastructure, finance, and other areas of cooperation between China and LAC countries in a new development paradigm. Chongqing Initiative by Business Communities of China and LAC countries has been released as a consequence.

The joint proposals are as follows:

1. Jointly meeting the challenges of the COVID-19.
2. Firmly embracing openness.
3. Continuing to promote infrastructure connectivity.
4. Effectively promoting financial integration.
5. Vigorously engaging in cooperation on innovation.
6. Fully supporting small- and medium-sized enterprises (SMEs).

A Wide Variety of Supporting Activities

On the afternoon of the day, China-LAC Think Tank Cooperation Webinar and China-LAC Think Tank Cooperation Webinar were held during the Summit, which released the "Five Links" Research Report under the framework of One Belt One Road and the "China-Latin America and the Caribbean Economic and Trade Cooperation Development Report (2021)".

In addition, China-LAC Cooperation Exhibition was set in Chongqing Yuelai International Convention Center and will be open to the public from November 16 afternoon to November 17. LAC ambassadors in China have been invited to be the live-streamers to recommend the premium products on the exhibition and share information about Latin American and the Caribbean.