China on Wednesday said it will, on the basis of mutual benefit and win-win cooperation, give positive consideration to concluding free trade agreements with Latin American and Caribbean countries or regional integration organizations.

According to the China's Policy Paper on Latin America and the Caribbean, the Chinese Government will continue to work with its Latin American and Caribbean counterparts in the spirit of equality and mutual benefit to expand and balance two-way trade and improve the trade structure to achieve common development.

At the same time, China will work with these countries to properly settle trade frictions through consultation and cooperation, the paper says.

According to the paper, the Chinese Government encourages and supports qualified Chinese companies with good reputation in investing in manufacturing, agriculture, forestry, fishing, energy, mineral resources, infrastructure, and service sector in Latin America and the Caribbean to promote the economic and social development of both sides.

The Chinese Government will continue to welcome investment by Latin American and Caribbean businesses in China, the paper says.

As to the financial cooperation, the paper notes that the Chinese Government supports China's monetary and financial regulatory authorities and financial institutions in stepping up consultation and professional exchanges and cooperation on macroeconomic situation and economic and financial policies with their counterparts in Latin American and Caribbean countries.

The Government encourages Chinese commercial banks to set up branches in Latin America and the Caribbean. It will push for the conclusion of banking regulatory cooperation agreements with Latin American and Caribbean countries as appropriate, and work with them to jointly combat money laundering and terrorist financing, the paper says.

According to the paper, China will also promote exchanges and cooperation with Latin American and Caribbean countries in such fields as agriculture, industry, infrastructure construction, resources and energy, customs, quality inspection, tourism, debt reduction and cancellation, and economic and technical assistance.

The Chinese side will strengthen consultation and coordination with Latin American and Caribbean countries in multilateral trade and financial institutions and regimes, and deepen its cooperation with chambers of commerce of Latin America and the Caribbean, says the paper.

This was the Chinese government's first-ever policy paper on Latin America and the Caribbean.

(Xinhua News Agency November 5, 2008)