Efforts urged to promote China-Mexico economic ties

(Xinhua)
Updated: 2009-02-11 09:33

MEXICO CITY -- Chinese Vice President Xi Jinping said Tuesday that new efforts are needed to further promote China-Mexico economic and trade cooperation amid the current global financial crisis.

China's Vice President Xi Jinping speaks during a meeting with Mexican entrepreneurs in Mexico City February 10, 2009. [Agencies]

Xi, who is here for a three-day official visit to Mexico, made the call in a speech at a luncheon hosted by Chinese and Mexican entrepreneurs.

Xi hailed the rapid development of bilateral economic and trade cooperation, saying it plays an important role in China-Mexico ties and has brought tangible benefits to the people of both nations.

China and Mexico should make new efforts to maintain the good momentum of such cooperation in order to tackle the challenges brought by the ongoing financial crisis, he said.

To this end, Xi proposed promoting bilateral economic and trade cooperation from a strategic perspective, improving the service of both governments, promoting cooperation in key fields, bringing into full play the dominating role of enterprises, and expanding cooperation in world economic affairs.

Mexican Secretary of Foreign Relations Patricia Espinosa Cantellano said in her opening speech at the luncheon party that both Mexico and China are facing new challenges under the current financial situation, thus "solidarity and closer cooperation" are very important for the two countries.

She also called for more bilateral exchanges in all fields, "not only political and economical, but also social and civilian."

The luncheon party was held on the sideline of the 19th Plenary Meeting of the Mexico-China Business Committee, which was started here Tuesday and brought together representatives from big companies in Mexico and some 20 Chinese companies.

The meeting aims to boost bilateral investment and commercial exchanges between China and Mexico, according to Fernando Ruiz, technical director of the COMCE.

Ruiz said mutual investment between China and Mexico has large room for improvement.

"There are great opportunities for Chinese investors in Mexico in different sectors, like automobile, construction and energy."

In November, at the Asia Pacific Economic Cooperation Forum held in Lima, Peru, Mexican President Felipe Calderon said China had offered great possibilities for his country as the global financial crisis unfolded.

Mexico registered an economic growth rate of only 1.8 percent in 2008, the second worst performance among Latin American countries after Haiti.

The United States was Mexico's largest exports destination, taking 89 percent of all its exports. But the ongoing crisis has forced the Mexican government to seek alternative markets.

In December, Mexico's Deputy Foreign Minister, Lourdes Aranda, said his country was concerned about its declining exports to the United States, and its ties with China "were very important."

According to data from the Chinese Commerce Ministry, commercial exchanges between China and Latin America grew 50.9 percent from January 2008 to January 2009.