SELA for Strategic Alliance with China

I / Caracas July 15, 2009, 10:56 IST

The Latin American and Caribbean Economic System (SELA) urged the region to intensify trade and investments with China to forge a strategic alliance to face the international crisis.

In the last 30 years, China has excelled because of the uncommon dynamism of its economy, ranking second in the world, says a SELA study to be discussed in a meeting scheduled for July 20-22 in Caracas.

China announced a government rescue package worth $586 million to be applied in 2009-2010, an amount that represents nearly 20 percent of its Gross Domestic Product of 2008.

According to the SELA study, the amount exceeds that of any emerging economy and is even higher than economic stimulus packages announced by many industrialized countries.

The meeting next week has the objective to diagnose the current state of economic relations of the region with China, India and Russia and explore and design initiatives to strengthen commercial, financial and cooperation relations between SELA and those nations.

Representatives of all members of SELA as well as participants from China, India and Russia have been invited to the meetings.