With soaring overseas demand for Chinese automobiles and car components, leading Chinese automakers and component manufacturers such as BYD and Ningbo Tuopu Group Co have accelerated their presence and expansion in Latin American countries including Brazil and Mexico over recent years.
Chinese President Xi Jinping on Monday congratulated Luiz Inácio Lula da Silva (known as Lula) on his election as president of Brazil, saying that the long-term friendship and the deepening of mutually beneficial cooperation serve the fundamental interests of the two countries and is conducive to maintaining regional and world peace and stability and promoting common development and prosperity.
As the driver of global monetary policy, the US selfishly has made the most aggressive move in 28 years by hiking interest rates by 75 basis points to tame domestic inflation amid concerns over an oncoming recession, which carries serious downside risks by aggregating the debt distress and currency depreciation pressure of developing countries, especially in Latin America where asset bubbles have been blown out by the US’ ultra-loose monetary policy since the beginning of the pandemic.
With the Summit of Americas being held under the shadow as some regional major countries snubbed the gathering divided by values and ideology, US President Joe Biden is expected to host the summit on Wednesday and tout a new