Mutual sovereignty, security and development support

China and Argentina signed a memorandum of understanding on the two sides jointly advancing the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road on Friday in Beijing.

Argentinian President Alberto Fernandez visited Beijing from Friday to Sunday, attending the opening ceremony of the Beijing 2022 Winter Olympics on Friday. The two countries also issued a joint statement pledging to strengthen exchanges and cooperation and deepening the China-Argentina comprehensive strategic partnership.

The signing of the memorandum of understanding on the Belt and Road Initiative will undoubtedly solidify the economic foundation for the two countries to bring tangible benefits to the people through pragmatic cooperation.

Since the establishment of their diplomatic relationship nearly 50 years ago, China and Argentina have respected and supported each other on issues of principle concerning each other's fundamental interests. Bilateral relations have been developing vigorously and pragmatic cooperation has been advancing continuously.

However, due to the economic difficulties it faces, Argentina relies heavily on financial support from the West. It is currently the largest debtor of the International Monetary Fund.

At present, Argentina urgently needs to attract international investment and increase exports. Taking part in the Belt and Road Initiative can help Argentina better tap into the complementarity between its economy and that of China. For instance, it can attract investment to its cash-thirsty infrastructure, technology and energy sectors to increase its agricultural, animal husbandry and fishery output, helping it better integrate into the international market by enhancing the competitiveness of its exports. The Argentinian people will directly benefit from that.

For China, the signing of the MOU will facilitate the internationalization of China's capital, technology and standards, and provide new supply options for the Chinese market.

Argentina's participation in the Belt and Road Initiative will not only promote the sustainable economic, social and cultural development of the two countries, but also reinforce international multilateralism and safeguard the common interests of developing countries. By coordinating closely and practicing true multilateralism, the two countries can work together to improve global governance and advance the Global Development Initiative.