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China's Financing in Latin America and the Caribbean

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China's Financing in Latin America and the Caribbean CENTRO DE ESTUDIOS CHINA-MEXICO UNIVERSIDAD NACIONAL AUTONOMA DE MEXICO CHINA’S FINANCING IN LATIN AMERICA AND THE CARIBBEAN hina’s global economic presence has solidified in the Cfirst two decades of the 21st century: it has not only become the biggest economy since 2014 –according to the purchasing power parity (ppp) by the International Monetary Fund–, the major exporter, the most dynamic AGRICULTURAL DEVELOPMENT BANK OF CHINA importer, as well as the second source of foreign direct investment outflows in the world, among other noticea- ble recent socioeconomic trends. The goal of this book is to focus on China’s financing in lac during 2000-2018. The two sections of the book and its 17 chapters all acknowledge and begin with a brief historical and socioeconomic understanding of the relationship between a certain country or institution with China and focus on national or institutional speci- ficities in the financing relationship with China. Red alc-China and Cechimex invite all readers to inte- grate to these debates and discussions in lac and Chi- na. Institutional and individual contributions to these THE EXPORT-IMPORT BANK OF CHINA debates are most welcome. CHINA’S FINANCING IN LATIN AMERICA AND THE CARIBBEAN AND AMERICA FINANCING IN LATIN CHINA’S CHINA’S FINANCING IN LATIN AMERICA AND THE CARIBBEAN Edited by Enrique Dussel Peters CENTRO DE ESTUDIOS CHINA-MEXICO UNIVERSIDAD NACIONAL AUTONOMA DE MEXICO CHINA’S FINANCING IN LATIN AMERICA AND THE CARIBBEAN Edited by Enrique Dussel Peters UNIVERSIDAD NACIONAL AUTÓNOMA DE MÉXICO Enrique Luis Graue Wiechers Rector Leonardo Lomelí Vanegas Secretario General Leopoldo Silva Gutiérrez Secretario Administrativo Alberto Ken Oyama Nakagawa Secretario de Desarrollo Institucional Raúl Arcenio Aguilar Tamayo Secretario de Prevención, Atención y Seguridad Universitaria Mónica González Contró Abogada General UNIÓN DE UNIVERSIDADES DE AMÉRICA LATINA Y EL CARIBE Henning Jensen Presidente Roberto Escalante Semerena Secretario General http://www.udual.org FACULTAD DE ECONOMÍA Eduardo Vega López Director Alberto Morales Sánchez Secretario General María del Carmen Aguilar Mendoza Secretario Administrativo Juan M. M. Puiz Llano Coordinador de Publicaciones CENTRO DE ESTUDIOS CHINA-MÉXICO Enrique Dussel Peters Coordinador Yolanda Trápaga Delfín Responsable http://www.economia.unam.mx/cechimex RED ACADÉMICA DE AMÉRICA LATINA Y EL CARIBE SOBRE CHINA Enrique Dussel Peters Coordinador General y del Eje Temático Economía, comercio e inversión José Ignacio Martínez Cortés Coordinador del Eje Temático Relaciones políticas e internacionales Yolanda Trápaga Delfín Coordinadora del Eje Temático Recursos naturales y medio ambiente Liljana Arsovska Coordinadora del Eje Temático Historia, cultura y aprendizaje del chino http://www.redalc-china.org CHINA’S FINANCING IN LATIN AMERICA AND THE CARIBBEAN Enrique Dussel Peters Coordinador Silvia Jiménez Barba y Elaine Levine Edición Socorro García Diseño y formación de interiores D.R. ©2019, Universidad Nacional Autónoma de México, Facultad de Economía Ciudad Universitaria, 04510, México, D.F. Primera edición: octubre 2019 ISBN: 978-607-8066-46-9 “Prohibida la reproducción total o parcial por cualquier medio sin la autorización escrita del titular de los derechos patrimoniales” Impreso y hecho en México/Printed and made in Mexico CHINA’S FINANCING IN LATIN AMERICA AND THE CARIBBEAN Edited by Enrique Dussel Peters CONTENTS FOREWORD 9 Luis Carranza INTRODUCTION 13 Enrique Dussel Peters SECTION I. CHINA´S FINANCING IN THE WORLD: THEORY, INSTITUTIONS, AND INTERNATIONAL CASE STUDIES 01 FOREIGN FINANCIAL FLOWS AND THE BALANCE OF PAYMENTS 21 CONSTRAINT ON LATIN AMERICA´S GROWTH A THEORETICAL AND EMPIRICAL ANALYSIS Esteban Pérez Caldentey and Juan Carlos Moreno-Brid 02 THE EVOLUTION, STATUS, AND FUTURE OF CHINESE FINANCING 41 IN EUROPE Carlos Marcuello Recaj 03 FINANCING OF CHINA´S POLICY BANKS IN LATIN AMERICA 65 AND THE CARIBBEAN (2000-2018) Xiaoyu Song 04 THE CHINA DEVELOPMENT BANK AND FINANCING 85 IN LATIN AMERICA Rubén Hernández Cordero | 5 SECTION II. CHINA´S FINANCING IN LATIN AMERICA AND THE CARIBBEAN 05 WHY CO-FINANCING IS MUCH MORE THAN JUST POOLING 107 RESOURCES IN THE CHINA-LATIN AMERICA COOPERATION Gina Caballero 06 MANAGING RISK IN CHINESE OVERSEAS DEVELOPMENT 129 LESSONS FROM THE ANDEAN AMAZON Rebecca Ray, Kevin P. Gallagher and Cynthia A. Sanborn 07 EXAMINING THE LENDING PRACTICES OF CHINESE 153 POLICY BANKS IN THE CARIBBEAN (2000-2018) Jevon Minto 08 CHINESE FINANCING IN LATIN AMERICA AND 177 THE CARIBBEAN (2000-2018) THE CASE OF CENTRAL AMERICA AND PANAMA Luis Vargas Montoya, Marlen Rodríguez Morales and Rafael Arias Ramírez 09 CHINA´S FINANCING IN ARGENTINA 193 Leonardo Stanley 10 CHINESE FINANCING IN BRAZIL (2000-2018) 209 Celio Hiratuka and Simone Deos 11 CHINA AND BRAZIL DEVELOPMENT FINANCE COOPERATION 235 A CASE STUDY OF THE BELO MONTE TRANSMISSION LINE PROJECT Shoujun Cui and Zheng Zhang 12 CHINESE FINANCING IN URUGUAY 259 THE IDB CHINESE FUND Gustavo Bittencourt 6 | CHINA’S FINANCING IN LATIN AMERICA AND THE CARIBBEAN 13 CHINA´S FINANCING TO BOLIVIA 271 EVOLUTION, CHARACTERISTICS AND PERSPECTIVES Adriana Zapata Rosso 14 CHINESE FINANCING IN LATIN AMERICA 295 AND THE CARIBBEAN UNPACKING CHINESE FINANCING IN ECUADOR Diana Castro Salgado 15 CHINESE FINANCING IN COLOMBIA. 321 A LAGGARD IN LATIN AMERICA Benjamin Creutzfeldt 16 CHINESE FINANCING IN VENEZUELA (2000-2018) 337 JOINT FUNDS AND LOANS-FOR OIL Carlos Eduardo Piña 17 CHINA´S FINANCING IN MEXICO (2000-2018) 373 Enrique Dussel Peters ABOUT THE AUTHORS 391 CONTENTS | 7 FOREWORD There is no doubt that over the past few decades, China has stood out as a crucial part of the globalization process and has served as a fascinating model for the internationalization of emerging mar- kets. Its robust and comprehensive performance as related to economic growth, international trade and financing, foreign direct investment, as well as technological innovation, has contributed to strengthening ties with other developing countries, focusing on poverty reduction, growth acceleration and, last but not least, the narrowing down of their respective development gap with the industrialized economies. Its relationship with the Latin America and Caribbean region has been diversified through the opportunities arising from the south-south cooperation, further consolidating the region’s ties with China during the recent decade. China’s growing focus on Latin America is also reflected in the introduction of the two policy proposals –the “1+3+6 cooperation framework” and the “3.3 cooperation model” launched by Beijing in 2014 and 2015 respectively– along with the extension of the Belt and Road Initia- tive to Latin America. Such close relations have been complex. The global context of pronounced uncertainty about the future of multilateral coopera- tion, along with the moderation of China’s economic expansion | 9 rate as a result of a policy adjustment that was adopted in order to shift their growth model to one relying more on consumption and less on investment, have spurred the greatly export-dependent region to address the challenges of infrastructure and innovation, boost productivity and competitiveness and diversify exports. With all these challenges in mind, and as a regional institu- tion owned by emerging countries, caf-Development Bank of Latin America has played an important role in the region by pro- moting sustainable development and international integration. Our services and operations are carried out under the framework of a comprehensive development agenda, focused on five major strategic areas: efficiency, equity, sustainability, institutional struc- tures and integration. Being one of the most important sources of multilateral financ- ing in Latin America, together with the IDB and the World Bank, caf currently provides approximately one third of the region’s de- velopment financing, especially in transport, communications and energy infrastructure sectors. In that sense, caf is determined to play a catalytic role in strengthening the approach between Latin America and the Carib- bean and China. In that context, caf has established collabora- tive relationships with important official partners, including the Ministries of Finance and Foreign Affairs, the Central Bank, the Eximbank, the Chinese Development Bank (cbd) and the Fund for Industrial Cooperation (claifund). Over the years our Organization has held several editions of annual conferences and high-level cooperation forums on Sino-Latin American invest- ment with our partners from China. We firmly believe that it is crucial to continue con- solidating this type of dialogue in order to exchange development experience and best practices so as to identify new cooperation opportunities. With the purpose of enhancing economic and social develop- ment in the areas of infrastructure development and productivity, our institution has also carried out several co-financing projects in Bolivia, Brazil and Colombia partnering with local governments 10 | CHINA’S FINANCING IN LATIN AMERICA AND THE CARIBBEAN and Chinese entities from policy banks to enterprises. We reaf- firm our full commitment to continue working towards attracting Chinese resources and expertise to the region that will guarantee quality investment and value-added trade. The region must tap into this historic opportunity to ensure that the gains derived from its natural resources are extended to its human capital and international competitiveness through quality infrastructure investments,
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