We noted earlier this year that Chinese farmers were looking to till African and Latin American soil, with a couple of examples of groups of Chinese families farming on those continents and exporting back to China. Now Niu Dun, China’s deputy agriculture minister, is distancing Beijing from such efforts, saying that China wants to depend on its own land to ensure its food security. Perhaps not uncoincidentally Niu’s comments come ahead of a World Bank code of conduct for investing in overseas farmland expected in May, itself ahead of a July UN Food and Agriculture conference on the issue pencilled in for July.
Category Archives: China-Latin America
Much attention is being paid to China getting a bigger formal role in the International Monetary Fund. But there is one international financial institution it has already quietly joined: the Inter-American Development Bank.
China became the 48th member of the regional multilateral institution in January, subscribing $350 million dollars to the agency that promotes economic development in Latin America and the Caribbean. During this weekend’s 50th annual meeting, the first China is attending, IDB president Luis Alberto Moreno signed the Bank’s first co-financing agreement with a Chinese financial institution, the Export-Import Bank of China (the money will be used for Chinese-backed infrastructure projects in Colombia); a second program with China Development Bank Corporation, will follow, as will greater cooperation with the People’s Bank of China.
Given China’s growing trade and investment in the region, IDB membership and absorption into the region’s formal infrastructure seems logical. A similar argument could be made with the IMF and the world economy.