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Latin American Economic Outlook 2016

Towards a New Partnership with China

image of Latin American Economic Outlook 2016

The Latin American Economic Outlook 2016 is devoted to the evolving relationship between Latin America and China, as well as its prospects in the long term. China's transformation involves a gradual shift in its development strategy, including the rebalancing process from investment to consumption, the demographic transition, the structural transformation towards high value-added goods and services, and a "going-out" policy to approach other regions. This report lays the ground for discussing future trends in the relationship between China and Latin America, given these changing patterns. Based on the analysis of potential transmission channels of China’s new model to the region, which include issues on trade, finance and skills, the outlook aims to identify strategies and policy responses for Latin America to overcome development challenges. Latin America and China can complement each other further and build a mutually beneficial partnership for development.

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Chile

OECD Development Centre

China is Chile’s main trading partner, with an export basket concentrated mainly in copper products. In 2014, 25% of Chile’s exports were destined to China, making it Chile’s main export destination. Similarly, 21% of Chile’s total imports came from China, making China Chile’s second import source. Almost 80% of the Chilean value-added exports destined to China are concentrated in the mining and low and medium-low tech sector (mostly related to refined copper, copper ores and unrefined copper), with a smaller participation of services (18%). In contrast, the majority of value-added imports from China are from the service sector (47%) or the medium-high and hightech industries (31%).

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