South America rises to new challenges

Economic progress made amid political, social turbulence

Last year was one of political and social upheaval in South America, but the continent also made economic progress.

In Venezuela, President Nicolas Maduro survived an attempted coup in January led by opposition leader Juan Guaido.

Neighboring Colombia has taken most of the refugees fleeing Venezuela.

In Bolivia, President Evo Morales, who was the country's first indigenous president, resigned in November after a contested election.

In Chile, an increase in transit fares in the capital, Santiago, fueled days of violent protests that led to other demands. Protesters also hit out at the rising cost of living, as well as privatization and inequality.

Many people are worried that political uncertainty in Latin America may affect economic cooperation between China and the continent. However, in the first half of last year, trade between China and Latin America reached $147.1 billion, up 1.3 percent year-on-year, according to the General Administration of Customs.

To date, 19 Latin American countries have signed cooperation agreements on the Belt and Road Initiative, which was proposed by President Xi Jinping in 2013.

Meanwhile, Chile is forecasting record cherry exports this season, mainly driven by demand from Chinese consumers, which accounted for 88 percent of the nation's exports of the fruit last season.

In Argentina, the newly inaugurated administration of Alberto Fernandez has pledged a series of measures to bolster the economy and domestic consumption, while reining in inflation through a social pact with various organizations.

Fernandez has announced an increase in levies on agricultural exports and is set to raise taxes on purchases abroad and rates paid on properties in an attempt to bolster funds to pay for increased social subsidies.

Argentine Health Minister Gines Gonzalez Garcia said after a meeting with industry representatives and Fernandez, "This does not solve all the problems, but it does improve everyone's ability to access medicines."

The country's economy is facing annual inflation of close to 55 percent and poverty levels of nearly 40 percent. Argentina, which is Latin America's third-largest economy, also needs to restructure a large amount of sovereign debt with creditors.