Acknowledgements v

Display items vii

Acronyms ix

Executive summary 1

1 Introduction 3

1.1 China–LAC cooperation in context 4

2 China’s trade with Latin America and the Caribbean 6

2.1 Overview of China–LAC merchandise trade 6

3 Chinese lending to Latin America and the Caribbean 11

3.1 Overview of China’s lending to Latin America and the Caribbean 11

3.2 Where is Chinese lending going? 13

3.3 How are Chinese institutions lending in Latin America and the Caribbean? 15

4 Chinese outbound project-level investment in Latin America and the Caribbean 21

4.1 Overview of China’s outbound FDI in Latin America and the Caribbean 21

4.2 Where is Chinese FDI going? 22

4.3 How is China investing in Latin America and the Caribbean? 28

5 Looking ahead 34

5.1 Emerging themes and implications 34

5.2 What to watch 35

References 36

Methodological annex 41

A1 Classification of China’s overseas lending 41

A2 Supplementary note on the lending data 43

A3 Country and region classification 44