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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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Peru

OECD Development Centre

During the past few decades, China has become one of Peru’s most important economic partners, mainly focused in the trade of commodity products such as copper and gold. Peru has shown a significant increase in exports to China, especially between 2000 and 2007 with growth rates between 35% and 50%. Throughout 2014, 18% of Peruvian exports were destined to China, placing this market as Peru’s main export destination. In terms of economic sectors, 30% of exports to China were concentrated in primary productions and 70% in natural resourcebased manufactures. In addition, 21% of Peru’s imports during 2014 came from China, placing this market as its main import source. Within these imports to China, 92% were non-natural resource-based manufactures.

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