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Premier Li Keqiang, in a speech to Latin American and Caribbean diplomats on Monday, urged greater cooperation in building industrial capacity, which he promoted as a way to boost the economy and end the global recession.
Li referenced China's economic development over the past three decades, saying that its continuous opening-up, during which the country imported streamlined production methods from overseas, has helped improve domestic industries.
"Out of that progress, China built up its muscle in steel smelting, in addition to the manufacturing of other construction materials," Li said. "That kind of strength has helped upgrade the industries and speed up the progress of urbanization."
Addressing the United Nations Economic Commission for Latin America and the Caribbean, Li said the expansion of infrastructure construction, as well as the equipment manufacturing that goes with it, provides an answer to the global economic recession.
"If one country could import the needed equipment and streamlines from other countries that have advantages in that field, it could largely reduce the cost of infrastructure construction," he said.
Alicia Barcena, executive secretary of the commission, said trade between China and Latin American countries has surged in the last decade, and now China has become the region's second-largest trade partner.
"But the good days of high commodities prices have ended, and we are faced by new challenges," she said.
"The cooperation with China should not stay with the exchange of merchandise, but has to advance to the financial and infrastructure sectors," she added.
According to the commission, a 1 percent increase in China's gross domestic product would boost Latin America's economic growth by about 0.5 percent.
Academy of Social Sciences, said that the industrial transformation in Latin America is a process in which China will be able to participate with greater enthusiasm.
China and Latin America are faced with the prospect of industrial restructuring and optimization to spur developments, he said.
In separate talks with Barcena on Monday, Li said the China-Latin America relationship has witnessed "leaps forward in its development", and both sides have been supporting each other in international and regional affairs.
The premier said a wide-ranging consensus has been reached during his visit to Latin America, which has taken him to Brazil, Colombia, Peru and Chile.
Beijing will prioritize the expanding cooperation in production capacity, equipment manufacturing, infrastructure and finance to achieve a win-win situation and help boost the recovery of world economy, Li said.
Barcena said Li's visit is a great success, it has attracted widespread focus, and it has "ushered in a brand-new chapter for Latin America-China relations".
The commission expects future cooperation to go beyond regular trade and look to areas such as two-way investment and financial cooperation, Barcena said.
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