Chinese President Xi Jinpingkicked off his visit to Argentina on Friday (local time), after signing a series financial and industry agreements with Brazil and attending a meeting to boost the trade partnership.
During Xi's three-day visit in Argentina, the two countries are expected to sign a series of cooperation deals, covering investment, infrastructure and finance, China's ambassador to Argentina Yin Hengmin said. Xi is scheduled to meet his counterpart Cristina Kirchner and other Argentine leaders.
Yin said that Xi's visit will help the two countries create a blueprint for the future development of bilateral relations and the growth of bilateral trade.
Bilateral trade reached $14.84 billion in 2013, up 2.8 percent from a year earlier. China is Argentina's second largest trade partner and top destination for exports of agricultural products.
Yin said that the bilateral relationship is at an important phase as this year marks the 10th anniversary of the establishment of the China-Argentina strategic partnership.
Yin said that the cooperation between the countries has room to be diversify such as the research and development of high-tech products.
The Buenos Aires Herald quoted Cabinet Chief Jorge Capitanich as saying that the two countries will agree to an $11 billion bilateral currency swap. The newspaper also quoted Jorge Malena, a Sino-Argentina expert from the Universidad del Salvador, as saying that Xi's visit may boost cooperation in more areas, even in defence.
Argentina is Xi's second stop during his visit to four Latin American and Caribbean countries.
On Thursday, China and Brazil announced the inking of 56 agreements, including the purchase of 60 passenger jets from Brazilian aviation company Embraer and $7.5 billion in financing for Brazilian miner Vale, which is the world's largest exporter of iron ore, shipping the vast majority of its production to China.
One project being studied is the construction of a railway from Brazil's Atlantic coast through the Andes to Peru on the Pacific, which could cut the cost of shipping Brazil's grain to China by $30 per ton, Reuters reported.
Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation under theMinistry of Commerce, told the Global Times that the railway construction project will also benefit Latin American countries by boosting transport links between the West and East Latin American countries.
The State Grid Corporation of China signed an agreement with Brazil's Eletrobras to build high-voltage transmission lines for the 11,233 megawatt Belo Monte hydroelectric dam under construction in the lower Amazon.