From a Latin American perspective, export diversification and increased productivity constitute the main pending issues: just five single products, all of them commodities, represented 75% of the value of regional shipments to China in 2013. Chinese investment in the region reinforces this pattern, considering that between 2010 and 2013 almost 90% of it was directed at extractive activities, particularly mining and hydrocarbons.

To advance towards more prosperous and less unequal societies, the region must overcome its excessive dependence on commodities exports. Therefore, while the expansion of trade and investment flows with China is key, it is equally important to develop actions aimed at modifying their structure. 

If Chinese investment grows and diversifies in the coming years, it will be possible to promote not only export diversification towards that country, but also productive integration within the region. Additionally, if cooperation with China helps bridge our well-known gaps in infrastructure, logistics and connectivity, we can stimulate intraregional trade and the development of regional value chains.

Our countries' rich accumulated experience with innovative social policies, urbanization, environmental protection and other matters can be useful for China as it addresses the major challenges that lie along its path to development. The China-Community of Latin American and Caribbean States (CELAC) Cooperation Plan 2015-2019, launched last January in Beijing, provides an appropriate institutional framework for advancing in all of these areas. Now both parties must agree to mutually beneficial actions to make that cooperation a concrete reality.

*Alicia Bárcena is the Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC).