Home' Trinidad and Tobago Guardian : June 19th 2015 Contents Friday, June 19, 2015 www.guardian.co.tt Guardian
Sail to the bright future with the wind of Production Capacity Cooperation
---China and Latin America and Caribbean enjoy a broad cooperative prospect
By H.E. Huang Xingyuan, Chinese Ambassador to the Republic of Trinidad and Tobago
In pace with the wither and fall of beautiful Poui, the long waiting rainy season is coming. The Queen's Park Savannah has resumed its green scene with the fresh rain moisturizing
the dry land .
Just as the Queen's Park Savannah longing for the rain, the developing countries in Latin America and the Caribbean including Trinidad and Tobago are also waiting for a timely rain
to get out of the shadow of the global financial crisis which began in 2008 and regain economic vitality.
In order to make such needy rain so as to achieve a mutual economic and social developments between China and Latin America and the Caribbean, the Chinese Government has
identified the Latin America and Caribbean as an important cooperative partner. For this reason, H.E. Xi Jinping, President of the People's Republic of China visited Latin American
and Caribbean in 2013 and 2014, and a comprehensive cooperative partnership of equality, mutual benefit and common development was established, a series of preferential
policies concerning the cooperation between the two sides were announced during the two visits. In May 2015, the Hon. Li Keqiang, Premier of the State Council of the Chinese
Government visited four Latin American countries and put forward a new 3x3 model for production capacity cooperation between China and Latin America, which upgraded
largely the partnership between the two sides and attracted widespread attention from the region.
The new 3x3 model means First, China will conform to the needs of the Latin American countries and jointly build three major channels of logistics, electricity and information to
achieve connectivity on the South American continent and the Caribbean region, specifically a logistics channel with railway transportation as the backbone running through the
South American continent and the Caribbean countries, an electricity channel connecting the Latin American countries by means of highly efficient electricity transmission and smart
power grids, and an information channel relying on internet technologies and the new generation of mobile communication technologies and integrating big data and cloud
Second, China will observe the rules of market economy and achieve a cooperation pattern with sound interaction among enterprise, society and government. In accordance with the
principle of "enterprise domination, business operation, society participation and government promotion", project cooperation should be conducted by methods such as joint venture, PPP
and franchise rights to get a quick implementation. China will continue to encourage businesses to localize their operation as a long-term strategy, build solid partnership with their local
counterparts, be open to suggestions of trade unions and local communities and fulfill their social responsibilities such as in environmental protection. Governments of the two sides
also need to increase dialogue and communication through various bilateral and multilateral business cooperation mechanisms and work vigorously to conclude or renew agreements
on investment protection and avoidance of double taxation. This will help foster a more enabling environment for businesses of the two sides.
Third, China will expand three financing channels of fund, credit and insurance for the cooperation projects. China will set up a special fund concerning China-Latin America
production capacity cooperation and provide 30 billion USD in financing for the production capacity cooperation projects. Besides, a finance leasing company will be established
to deal with equipment leases, such as oil tanks, natural gas transport vessels and oil rigs, to countries in the region. Medium- and long-term export credit insurance will also be
improved to support Chinese businesses exporting to the region. The two sides expand cooperation on currency swap and local currency settlement to jointly facilitate growth of
the real economy and uphold stability of the financial market in the region and beyond.
The new 3x3 model is tailored to Latin American and Caribbean's own characteristics. It is a concrete step to implement the overall China-Latin America cooperation. There is no
political conditions added and will make the two peoples effectively share the fruits of development. It can be expected that, through the new model, the economic cooperation,
political mutual trust and cultural mutual learning between China and Latin American and Caribbean will be further promoted and a fully comprehensive, multi-level and wide-rang-
ing cooperation will be followed.
June 20th marks the 41st Anniversary of the diplomatic relations between the People's Republic of China and the Republic of Trinidad and Tobago. In the past 41 years, the social
and economic developments of both countries have been promoted by the exchange in political, economic and cultural fields. It is remarkable that the political mutual trust has
been strengthened and bilateral cooperation been expanded since President Xi Jinping's visit to Trinidad and Tobago in June 2013 and Prime Minister Bissessar's visit to China in
February 2014. The bilateral mutual beneficial cooperation is facing a golden opportunity, against a background of the Chinese Government strengthening the production capacity
cooperation with Latin American and Caribbean region, and TT pressing for economic transformation and upgrading.
Trinidad and Tobago features free and healthy market environment, location advantage of connecting South and North America, as well as the leading role in the Caribbean Region.
The Chinese Government attaches great importance to the economic and trade relations with TT, and dozens of major Chinese companies have settled in TT. These companies,
with their good performance and business reputation, contribute not only to construction of schools, theatres, harbors and IT networks, but also to the local social and economic
development by adhering to the local laws and rules, and embracing their social responsibilities.
On the occasion of celebrating the 41st Anniversary of China-TT diplomatic relations, the Chinese side is willing to take the wind of production capacity cooperation to expand
practical cooperation with TT side on infrastructure, clean energy, advanced technology, education, health and sports, to ensure more benefits for both countries' peoples so that
the bilateral relations between the two countries could sail in full to a more promising future.
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