President Hu (L) and President Kirchner Posted on 11/16/2004 9:17:54 PM PST by Destro
Posted: 17 November 2004 1047 hrs
China to invest 20 billion dollars in Argentina
President Hu (L) and President Kirchner
BUENOS AIRES : China's President Hu Jintao and Argentine President Nestor Kirchner signed cooperation agreements as Chinese companies pledged investments of 20 billion US dollars.
Chinese companies would develop railway and aerospace projects and send tourists to the South American country on holiday packages.
Lo Fong Hung, chief executive of the China Construction Bureau, said during a ceremony that 20 billion dollars would be invested in Argentina. Some eight billion dollars would finance urban and interurban railways and five billion dollars would be invested in fossil fuels over five years, according to Argentine officials.
Another six billion would build 300,000 homes and other infrastructure projects, such as 450 million in communications and 260 million in satellite technology.
Welcomed by dozens of children waving the two countries' flags at Buenos Aires airport, Hu and his official delegation took a 50-car convoy into the capital ahead of meeting Kirchner.
Argentina laid out maximum civilian and military honors for the visit with a cavalry guard escorting Hu and his wife, Liu Yongqing to the government headquarters.
Hu has sought to use this Latin American tour -- ahead of a major Asia-Pacific leaders' summit in Santiago this week -- to extend China's economic reach in the region.
"The goals will be to strengthen strategic cooperation and continue the firm reciprocal support in terms of sovereignty, such as the territorial integrity of both countries," Hu said through an interpreter.
Argentina has been desperate to attract new investment since its spectacular default on its foreign debt in 2001.
Hu said the accords were intended to "strengthen strategic cooperation."
(Excerpt) Read more at channelnewsasia.com ...
President Hu (L) and President Kirchner
The deals is an excellent news for the Argentine economy
Jintao (right) was all smiles after winning backing from Brazil's Lula
can't be good
How much beef do we import from Argentina?
Isn't Argentina a large oil exporter? Especially to us?
Argentinians are circumspect, to put it politely, regarding antisemites. They welcomed the murderous Nazi scum fleeing Germany after WWII, stuffing the pockets of government bureaucrats and thumbing their noses at the U.S.
Why, the French are their familiar old comrades. Argentina gave us Juan and Evita Peron - France gave us Charles de Gaulle - what's the difference?
Not for long?
Some eight billion dollars would finance urban and interurban railways and five billion dollars would be invested in fossil fuels over five years, according to Argentine officials.
Off to the CIA fact book. LOL
Its either Argentina or Venezula...
So did NASA.
Why, the French are their familiar old comrades. Argentina gave us Juan and Evita Peron - France gave us Charles de Gaulle - what's the difference?
De Gaulle fought the Nazis.
Why so angry at Argentina? Because they are taking Chinese money? Maybe you should direct that anger to those that put that money into China's banks in the first place and leave the Argentinians out of it.
Argentina listened to America's economic advice and look where it got them.
"Some eight billion dollars would finance urban and interurban railways and five billion dollars would be invested in fossil fuels over five years, according to Argentine officials."
Not to accuse you of being naive, but something tells me you've never been to Argentina. The money will go to a corrupt government that has already destroyed the infrastructure and looted the treasury.
It's the Banana Republic of Argentina now.
Well, they probably want to get a running start, before they try and invade us.
Did you think I wrote these words? "Some eight billion dollars would finance urban and interurban railways and five billion dollars would be invested in fossil fuels over five years, according to Argentine officials."
Nor did I comment on them in any way. So try not to accuse me of being naive over something I did not say, Mate.
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Oil - production:
|
   828,600 bbl/day (2001 est.) |
|
Oil - consumption:
|
486,000 bbl/day (2001 est.) |
|
Oil - exports:
|
NA (2001) |
|
Oil - imports:
|
NA (2001) |
|
Oil - proved reserves:
|
2.927 billion bbl (1 January 2002) |
|
Natural gas - production:
|
37.15 billion cu m (2001 est.) |
|
Natural gas - consumption:
|
31.1 billion cu m (2001 est.) |
|
Natural gas - exports:
|
6.05 billion cu m (2001 est.) |
|
Natural gas - imports:
|
0 cu m (2001 est.) |
|
Natural gas - proved reserves:
|
768 billion cu m (1 January 2002) |
Interesting. China, as we all know, has a huge trade surplus with respect to the rest of the world. They sell a lot more than they buy. A trade surplus must, per force, be recycled into foreign investment "surplus" -- the money has to go somewhere. What's interesting is that China has decided to recycle some of the money into Argentina instead of into U.S. treasury bonds or the U.S. stock market. They presumably view Argentina's infrastructure as a better bet than the U.S. dollar. Or they're just diversifying. With as many excess dollars as they have, they can spread it around to a lot of places, thus buying a lot of influence -- at the expense of the Chinese consumer.
No exports but a ton of reserves in both oil and natural gas.
Careful pal,
You'll have the CHINA IS WONDERFUL FREE TRADE IS GREAT CROWD flaming you in a heart beat.
They tolerate no discussion.
Funny stuff.
And then they will be the sole owners of the Brooklyn Birdge.
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