China-CELAC trade to hit $500 billion: Chinese president

BEIJING - Chinese President Xi Jinping set the goal for bilateral trade between China and Latin American, Caribbean countries to reach $500 billion in 10 years.

He made the remarks at the opening ceremony of the first ministerial meeting of the Forum of China and the Community of Latin American and Caribbean States (CELAC).

He said China's direct investment into Latin America will hit $250 billion in the coming decade.

China's economy will continue medium to high speed growth in the coming period and provide more opportunities for the world including Latin American and Caribbean states, said the president.

The goals were initially discussed during Xi's visit to the region in July 2014. China-CELAC pragmatic cooperation has been expanded since the visit, Xi said, noting he is glad to see that a series of cooperation initiatives is being actively put into place.

He said China welcomes active participation in cooperative projects with CELAC members.

During last year's visit, Xi and CELAC leaders announced the establishment of the China-CELAC forum. The Chinese president proposed a cooperation framework and several loans, funds and projects on infrastructure, agriculture, energy resources, manufacturing, high and new technology, people-to-people exchange and other fields.

Established in December 2011 in Caracas, Venezuela, CELAC is a block of 33 countries, including all South American countries, some Caribbean states and Mexico.