Biden loses to Xi. “A striking contrast”

The author of an article in the Financial Times describes two group photos of leaders who attended the Asia-Pacific Economic Community (APEC) summits in Lima and the Group G20 in Rio de Janeiro. In both photos Xi Jinping he stands front and center, surrounded by the leaders of Latin American countries. Joe Biden in one photo he is standing in the corner, in the second row, and in the second he is absent.

In both cases, explanations were given. For the photo at the APEC summit, the leaders were arranged in alphabetical order, and the photo from the G20 meeting was taken before Biden's arrival. According to “FT”, the photos can be read as a metaphor of progressive domination China in Latin America.

The competition between superpowers for influence in this region is important due to its rich natural resources. Latin America has 57 percent. world lithium deposits, 37 percent copper deposits, almost one fifth of oil deposits and one third of fresh water, as well as the largest virgin forest on Earth – emphasized the British daily.

Xi brought to Peru a delegation of several hundred Chinese entrepreneurs, and during it announced the completion of the first stage of construction of a large, financed by Beijing, Chancay deepwater port north of Lima. The total cost of the project, which is expected to revolutionize transport between China and South America, is estimated at $3.5 billion.

Biden announced the transfer of an aid package to Peru in the fight against drug crime worth USD 65 million, including nine Black Hawk helicopters, as well as used trains from California for the metro network in Lima – emphasized “FT”.

– It was a striking contrast. There is a huge Chinese megaport project that evokes Peru's history dating back to the Incas and its quest for greatness. On the other hand, Biden provided more helicopters to exterminate coca crops. “It seems completely outdated and outdated,” said Georgetown University lecturer Michael Shifter.

According to a British newspaper, a similar thing happened in Brazilwhich is the largest economy in the region. Biden visited the Amazon Forest and promised $50 million for its protection fund, while Xi, received with honors in Brasilia on Wednesday, is expected to talk there about multi-billion Chinese investments.

The annual value of trade between China and Latin America has increased from $12 billion in 2000 to $450 billion in 2023. China has overtaken USA on the list of the largest trading partners of many countries in the region. The exception is Mexicowhich has a preferential trade agreement with the US.

Alex Contreras, who was Peru's finance minister when the Chancay port was built, said Latin America welcomes any investment because there isn't enough of it. – If you have to choose between no investment and Chinese investment, you will always prefer investment – he added.

While U.S. officials often express concern about China's growing influence in Latin America, Washington's response so far has been disappointing, the FT said. According to Shifter, the plans for cooperation with the region announced by Biden look good, but they lack specific commitments.

Some experts estimate that it will come back Donald Trump to the White House will translate into even greater economic dominance of China in Latin America. According to Matias Spektor from the Getúlio Vargas Foundation in São Paulo, there is little chance that the future president will stimulate US trade and investment in the region during his second term. – Trump's promises go in the opposite direction – he said.