China's Advance in Latin America and the Caribbean: Joint Hearing Before the Subcommitee on the Western Hemisphere and the Subcommittee on Asia and the Pacific of the Committee on Foreign Affairs, U.S. House of Representatives, One Hundred Fourteenth Congress, First Session, September 10, 2015 [open pdf - 3MB]
This is the September 10, 2015 hearing "China's Advance in Latin America and the Caribbean" held before the House Committee on Foreign Affairs. From the opening statement of presiding chair Christopher Duncan: "This year, China hosted the first-ever China-CELAC [Comunidad de Estados Latinoamericanos y Caribeños; or Community of Latin American and Caribbean States] summit in Beijing for Latin American and Caribbean nations. This organization expressly excludes both Canada and the United States. Since 2005, China has provided over $100 billion in credit to the region. Last year, China announced it would give nearly $35 billion in loans to the region in coming years. And, this year, China promised its investment in the region would hit $250 billion over the next 10 years. These are not just empty assurances. According to the Inter- American Dialogue, China has provided 16 loans valued at over $56 billion to Venezuela, 10 loans valued at $22 billion to Brazil, 10 loans valued at $19 billion to Argentina, and 12 loans valued at almost $11 billion to Ecuador. In particular, Chinese banks have effectively provided a lifeline to these governments, whose economic mismanagement and corruption prevent them from accessing Western institutions. In return, China receives oil, in the case of both Venezuela and Ecuador. In addition, China has been buying up land and companies in the region, investing heavily in infrastructure and ports, as well as gob- bling up a lot of rare earth minerals. […] This hearing will be a comprehensive overview of China's activities in the Western Hemisphere and consider how the U.S. can better balance those actions with more effective engagement in the region." Statements, letters, and materials submitted for the record include those of the following: Evan Ellis, Enrique Dussel Peters, Serena Joseph-Harris, and Margaret Myers.
Serial No. 114-95
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