Despite being commonly referred to as a collective geographical term, it would be a mistake to view Latin America as a homogeneous entity, as each of its individual country possesses distinct identities and characteristics. Instead, the region should be fondly appreciated for its cross-cultural melange of Pre-Columbian, colonial, and modern influences, rich heritage, and ethnic diversity. And indeed, it is precisely this unique heterogeneity, its vast territory, abundant natural resources, and great development potential which underpin the dynamic trade relationship between China and Latin America that has really taken off over the past decade and a half.

In the wake of the commodity boom drawing to a close, China has ushered in a new era of trade relations with Latin America in line with its own new growth model based on innovation and domestic consumption, which is manifested in the rise of spending on research and development and infrastructure—including in Latin America. New opportunities are already looming on the horizon for Latin American firms to provide a wider range of goods and services, as China is pursuing a more sustainable, consumption-driven development path in the long term.