Abstract: Based on China's experience of open development, we believe that Chinese enterprises should profoundly understand the development orientation of host countries in Latin America. Leveraging the investment capabilities of Chinese enterprises and collaborating with Latin American partners, we should jointly develop business models that align with the development orientation of the host countries. This will effectively advance the deepening of the Belt and Road Initiative (BRI) in Latin America, thereby putting the vision of building a community with a shared future for mankind into practice.
From the perspective of outward investment, in the current complex global landscape, whether China can implement the open development philosophy of building a community with a shared future for mankind and effectively advance the implementation of the BRI largely depends on China's ability to immerse itself in understanding the development orientation of developing host countries. Subsequently, it must explore win-win investment models that align with the host countries' development orientation by combining its own capabilities and development experience.
Looking back at the history of global transnational investment, China is an absolute latecomer. As most Chinese enterprises' attempts at overseas investment began after the financial crisis, China's overseas investment clearly missed the golden age of global transnational investment. However, during the golden age of global investment, China participated in the globalization process as a host country. The inflow of foreign capital aligned with China's direction of open development and enabled China to genuinely benefit from the spillover effects of foreign investment. Therefore, from our own experience, we understand that only through open development, where foreign investment aligns with the host country's development orientation, can truly win-win development outcomes be achieved.
Most Latin American countries are still developing nations, where development remains a challenge. Since the 1990s, open development has also been the strategy for most Latin American countries. From the perspective of investing in Latin America, Chinese enterprises are still latecomers. However, in the development of recent decades, Chinese enterprises have experienced early setbacks, accumulated an understanding of the Latin American investment environment, and have also developed and honed their investment capabilities in the region. Currently, a considerable number of Chinese enterprises have grown into competent investors in Latin America.
Therefore, based on China's open development experience, we believe that Chinese enterprises should profoundly understand the development orientation of Latin American host countries. Furthermore, leveraging the investment capabilities of Chinese enterprises and collaborating with Latin American partners, we should jointly develop business models that align with the host countries' development orientation. Only in this way can we effectively advance the deepening of the Belt and Road Initiative in Latin America, thereby putting the vision of building a community with a shared future for mankind into practice.
Exploring the development orientation of Latin American countries, though important, is not easy. Most countries in Latin America implemented a neoliberal economic development model in the last century. However, frequent financial crises, increasing wealth gaps, and other issues have caused governments to vacillate in their choice of economic models. There is a lack of medium- and long-term development strategies, political instability is characteristic, and severe corruption problems exist in the political arenas of many countries.
Nevertheless, the economic foundations, locational advantages, and industrial development status of Latin American countries are objective and certain, with corresponding development paths to follow. In the development process of the past few decades, Latin American countries have continuously reflected on and attempted to develop their own industries and economies based on their own conditions. Each successive government has had corresponding plans for national economic development upon taking office. Additionally, important regional think tanks in Latin America (e.g., ECLAC), multilateral banks (e.g., IDB, CAF), and outstanding scholars from Latin American countries have engaged in long-term reflection and research on the development of the local economy, accumulating a wealth of research results. Therefore, we believe that the study of Latin America's economic and trade development orientation is well-founded. Among these, research on major Latin American countries such as Brazil, Mexico, Chile, and Peru helps us quickly grasp the local economic and trade environment and understand local development demands.
