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During a trip to Brazil, President Xi signed 40 trade and development agreements, underscoring China's commitment to enhancing its economic ties with the region. Following the G20 meeting in November 2022, Xi also inaugurated the China-funded Shan port in Peru, further exemplifying China's active engagement.

Statistics highlight China's ascendance as a vital trading partner in Latin America. By 2022, China was ranked as the region's second most important trading partner after the United States. However, it emerged as the top exporter to Brazil, the region's largest economy. This remarkable shift in influence did not occur overnight; experts attribute it to the contrasting approaches that the US and China have taken in the region over the past two decades.