China & Latin America news, updates, ...

[cirr]

China's Xi woos Latin America with $250 billion investments

BY MEGHA RAJAGOPALAN

BEIJING Wed Jan 7, 2015 10:33pm EST

Venezuela's President Nicolas Maduro (front L) walks with China's President Xi Jinping as they arrive for a welcome ceremony at the Great Hall of the People in Beijing, January 7, 2015.
CREDIT: REUTERS/ANDY WONG/POOL


(Reuters) - Chinese President Xi Jinping pledged on Thursday $250 billion in investment in Latin America over the next 10 years, as part of a drive to boost Beijing's influence in a region long dominated by the United States.

Leaders of the Community of Latin American and Caribbean States, or CELAC - a bloc of 33 countries in the region that excludes the United States and Canada - gathered in Beijing for the first time for a two-day forum on Thursday.

The forum, which also marked the first time China hosted the body, came at a time when Beijing is trying to step up its presence in the region as it clamors for more resources.

Xi said in a speech that two-way trade between China and Latin America was estimated to rise to $500 billion within the next 10 years.

"I believe that this meeting will achieve fruitful results, give the world a positive signal about deepening cooperation between China and Latin America and have an important and far-reaching impact on promoting South-South cooperation and prosperity for the world," Xi said.

China and Latin America are cooperating in the areas of energy, infrastructure construction, agriculture, manufacturing and technological innovation, Xi said.

China is interested in the region for resources and markets, said Deng Yuwen, a Beijing-based political analyst and former deputy editor of the Central Party School's journal, Study Times.

"Obviously, China has the intention to compete with the U.S. for a greater sphere of influence in the region," said Deng. "But whether this strategy will weaken U.S. influence now is hard to judge."

China, the world's second-largest economy, is buying oil from Venezuela, copper from Peru and Chile, and soybean from Argentina and Brazil.

In return, China has pumped billions of dollars in investments in the region. On Wednesday, Venezuelan President Nicolas Maduro said he had secured more than $20 billion in investment from China, while Ecuador said it obtained a total of $7.53 billion in credit lines and loans from China.

"To repeat what (former) President Hugo Chavez said, China is demonstrating to the world that a country does not necessarily seek hegemony as it grows stronger," Maduro said in a speech that was translated into English.

The cooperation with the region comes even as many of them retain diplomatic ties with Taiwan, which China regards as a renegade province. Out of the 22 states that still recognize Taiwan, 12 of them are in Latin America and the Caribbean.

China's Xi woos Latin America with $250 billion investments| Reuters

 

[TaiShang]

China, CELAC to map out cooperation plan

Venezuela's President Nicolas Maduro (C) and Costa Rica's President Luis Guillermo Solis listen to China's President Xi Jinping speak at the opening ceremony of the 1st Ministerial Meeting of China-CELAC Forum at the Great Hall of the People in Beijing January 8, 2015. [Photo/Agencies via China Daily]



China and the Community of Latin American and Caribbean States (CELAC) will pen the details of a cooperation plan for the next five years, Chinese President Xi Jinping said on Thursday.

The plan -- together with the Beijing Declaration, and the Regulations on China-CELAC Forum -- will be the major outcome of the first China-CELAC forum ministerial meeting, Xi said in his opening remarks.

The Beijing Declaration will summarize political consensus, set the direction for the forum and define cooperation guidelines, Xi said.

The cooperation plan will define key areas and specific measures for the overall cooperation from 2015 to 2019 between China and Latin America, covering political security, trade, investment, finance, infrastructure, energy, resources, industry, agriculture, science and people-to-people exchange.

The regulations aim to set the rules of the forum, define three regular dialogues between China and CELAC and provide a system guarantee for the implementation of political consensus and plans.

"Every CELAC country, no matter if it's rich or poor, is equal under the framework of the forum," said Xi. "All sides should keep friendly consultation, hold common development and consider interests from all sides in order to [ensure a firm] political foundation for the cooperation."

Both China and the CELAC should expedite the construction of the forum and map out a collaborative blueprint to achieve a win-win situation and realize the effect of "one plus one is bigger than two," Xi said.

Under the forum, bilateral relations and multilateral relations between China and CELAC countries can conduct flexible and practical cooperation, thus, complementing each other's advantages, Xi added.

Xi welcomed more organizations and multilateral agencies from Latin America and the Caribbean region to the cooperation.

"The China-CELAC forum will contribute to the world's prosperity, as well as China-CELAC development and South-South Cooperation," Xi said.

The two-day meeting, which started at the Great Hall of the People in downtown Beijing on Thursday morning, also saw Costa Rica President Luis Guillermo Solis, Ecuador President Rafael Correa Delgado, Venezuela President Nicolas Maduro Moros, Bahamas Prime Minister Perry Christie, ministerial representatives from CELAC member countries and members of international organizations.

The 33-member CELAC was founded in December 2011 in Venezuela. It includes all South American countries and some Caribbean states plus Mexico.

 

[cirr]

China increases investment in Venezuela's LTE, mobile

Juan Fernandez Gonzalez

07 January 2015

With many Latin American leaders currently in Beijing for an official visit, Venezuela has announced it has reached several agreements to increase China's investment in the country's telecoms sector, especially in 4G networks and mobile manufacturers.

According to a report from the Agencia Venezolana de Noticias, the agreements, sealed with ZTE Corporation, will enable the manufacture of next-generation smartphones in the Caribbean country, contributing to the reduction of Venezuela's dependence on foreign technology and currencies.

The LTE network deployment will be also boosted by Chinese investment, increasing 4G availability in a country which has just welcomed high-speed mobile networks by awarding DirecTV, Telefónica and Cantv with operating licences.

Venezuela's president, Nicolás Maduro, is confident about future relations with China - he has also been working on agreements regarding other areas such as energy and aeronautics.

Political leaders from many Latin American countries including Chile, Peru and Ecuador are attending a cooperation forum with Chinese authorities this week in Beijing. China has already announced it will offer up to $35,000 million in investment to all the region's countries in the coming years in order to finance infrastructure, telecoms and development.

 

[TaiShang]

According to a report from the Agencia Venezolana de Noticias, the agreements, sealed with ZTE Corporation, will enable the manufacture of next-generation smartphones in the Caribbean country, contributing to the reduction of Venezuela's dependence on foreign technology and currencies

That's what is really needed: Diversification of the economy. Too much dependence on a singular commodity for economic growth leaves the nation vulnerable to external shocks. A win-win.

 

[cirr]

Ecuador to Benefit from Chinese Investment

Published 7 January 2015 (10 hours 7 minutes ago)

China has committed to increasing investment to Ecuador and Venezuela, and the CELAC-China Summit seeks to strengthen cooperation.


Marking 35 years of diplomatic relations between China and Ecuador, Ecuadorean President Rafael Correa oversaw the signing of some 14 agreements that seek to strengthen bilateral relations on his first official visit.

Chinese President Xi Jinping and President Correa have said that increased cooperation is strategic for mutual development.

“Ecuador and China strategically compliment each other. China has the financing that Ecuador needs for its development. Ecuador has the hydrocarbons, the minerals that China needs for its development,” said President Correa following meetings with officials.

Five agreements with banks and financial institutions have been signed, totaling approximately US$7.5 billion. The Import-Export Bank of China (Eximbank), has also committed to investing US$5.3 billion for the other agreements signed in the areas of education, technology, migration and infrastructure, among other sectors.

Eximbank will invest an additional US$250 million in the Ecuadorean government initiative to promote induction cooking to help it stem gas imports.

An important investor in national development projects, Eximbank has provided funding for the hydroelectric dam projects Coca Codo Sinclar, Minas-San Francisco and Sopladora which will help in Ecuador becoming self sufficient in energy.

Additionally, the Bank of China signed an agreement to put forward US$1.5 billion in to finance Ecuador's Annual Plan of Investments for 2015. The Bank signed two additional agreements, committing to investing US$400 million in the construction of Ecuador's prized Millennium Schools as well as US$80 million for various infrastructure projects.

President Correa toured the Chinese technology park Zhongguancun, seeking greater institutional cooperation with Ecuador's Yachay University, which specializes in science and technology.

Also in China on an official visit is Venezuelan President Nicolas Maduro, who has overseen the signing of agreements focused on increasing investment, totaling some US$20 billion.

“In this moment I can tell you that more than 20 billion dollars in investment have been committed in this visit, and this will go towards the development of a variety of projects that are focused on the economy, energy and social issues,” said President Maduro.

He went on to say, “We have had a series of talks about the construction sector, to strengthen the great housing mission in Venezuela.”

The visit of the presidents is in anticipation of the Community of Latin American and Caribbean States, CELAC-China Summit, which will occur Thursday and Friday in Beijing. Ministers from member-states attending the summit will discuss policy, economics, culture and trade, as well as devise strategies to increase investment between China and the regional body.

 

[TaiShang]

China Pivots East, Ends Up in America's Backyard / Sputnik International

Andrew Korybko

China’s enormous investments in Latin America appear to be paying off, as the country now commands influence all throughout the hemisphere. Its new role in the region could portend an American pushback, however, as Washington becomes more defensive over its traditional backyard.

Argentine President Cristina Fernandez de Kirchner’s recent visit to Beijing demonstrated that it is China, not the US, which holds the most sway in South America. The struggling Latin American giant, still one of the largest economies in the hemisphere, has lately been attacked and forced into its eighth default by what Kirchner terms as ‘vulture funds’, which she blames on “economic terrorism” and the US. In response to her country’s woes, she sought out Chinese assistance to weather the asymmetrical storm, and Beijing has been more than willing to provide it. This is because Argentina is one of the primary cogs in China’s hemispheric policy, which aspires to advance geopolitical multipolarity in the region by means of strategic partnerships with Venezuela and Nicaragua. The US doesn’t play nice in any kind of rivalry, let alone one so close to its home borders, so it’s anticipated that it will soon pull out all the stops in pushing back against these developments.

Buenos Aires Looks to Beijing

Amid the troubling economic storm that Kirchner accuses the US of having cooked up, Argentina has looked to solidify its strategic partnership with China. First agreed to only last summer during President Xi Jinping’s Latin American tour, the partnership was christened with $7 billion worth of deals in the rail, hydropower, shipbuilding, and other industries. Not only that, but China, Argentina’s second-largest trading partner nowadays, agreed to an $11 billion currency swap at the time, thus showing not only its belief in the country’s long-term economic viability, but also its commitment to helping its economy stabilize on the eve what was then seen as the imminent New York court decision. Kirchner’s current trip yielded 15 more agreements intended to enhance the strategic partnership, with the most notable being for China to help Argentina construct two nuclear power plants.

Altogether, China sees Argentina as an economic bastion with enormous long-term potential, provided it can successfully fend off the current American attacks against its financial system. Chinese support for the country can thus be seen as a direct challenge to the US’ attempts at economic destabilization there.

Building ‘Bridges’ and Negotiating Network Diplomacy

Nicaragua and Venezuela are no less important to China’s hemispheric policy than Argentina is, although they fulfill drastically different roles than latter’s financial one. Nicaragua functions as China’s trade and transportation ‘bridge’ which will link together the Pacific and Atlantic (through the Caribbean) via the Trans-Oceanic Canal that Chinese capital is helping to construct. Once completed, it’ll be able to accommodate ships much larger than the Panama Canal’s maximum, and it’s expected to open the door to a multipolar surge of influence in the Caribbean, right on the US’ back doorstep.

As for Venezuela, the country has taken on the role of the ideological leader against American hegemony, with former President Chavez having taken on the torch from the retired Fidel Castro. Of course, gigantic oil deposits helped make this ideological ‘changing of the guard’ possible, but as a result, Venezuela is the leader of the ALBA coalition of regional multipolar states.

This grouping links together Cuba, Nicaragua, Bolivia, Ecuador, and a few smaller island countries, showing that Venezuela has become an important node in hemispheric diplomacy which China wants to tap. Just last month, Venezuela President Nicolas Maduro visited Beijing and received promises of $20 billion in investment to help counteract his country’s difficulties from the steep drop in oil revenue, which have contributed to yet another Color Revolution attempt at regime change.

The Counter-Revolution

Looked at as part of a unified strategy, China’s inroads with Argentina, Nicaragua, and Venezuela form a sort of Latin American strategic triad, with each state representing financial, transportation, and soft power influence for Beijing, respectively. The US keenly understands the processes that are developing, hence why it’s gearing up for a massive pushback to regain its hegemonic edge and reverse the regional trend to multipolarity. Whether or not it’s successful, here’s how it intends to do so:

Economist Believes Latin America, BRICS Should Have Own Rating Agencies

Crashing Kirchner’s Party:

The US cannot stand the fact that Kirchner has so successfully set her people on the path to multipolarity since entering office in 2007. Argentina was invited to the BRICS meeting in Brazil last summer for the first time, showing how warmly it’s been embraced by the multipolar community. In response, the US will likely step up its economic war against Argentina in order to crash its economy around election time in October, use a Color Revolution to bring a Liberal-Westernizer to power, and consequently entrap the country with IMF and World Bank loans.

Contra 2.0:

In an almost exact repeat of the CIA’s Cold War-era Contra operation in Nicaragua, the US can arm rural villagers against President Ortega, but this time it would be those who are distraught at having to sell their properties along the canal’s proposed route.The Daily Beast even wrote in November that some villagers were already begging for weapons so that they can start fighting immediately, showing that this scenario is certainly plausible. If Nicaragua erupts in guerrilla warfare, construction on the canal would halt, and if Ortega can be overthrown, then his probable pro-Western replacement would likely scuttle the entire project.

Meddling Against Maduro:

The repeated Color Revolution attempts in Venezuela and the currency war ongoing against it are symptomatic of the US’ vehemence that Maduro must go. Chavez’s successor and the leader of Latin American multipolarity is envisioned by American strategists to be replaced with Henrique Caprilies and/or Leopoldo Lopez, both of which have actively agitated to overthrow the government. Expect the Color Revolution furor to intensify down the line, but also for Maduro and his supporters’ resistance to do so as well while they fight to the end for the Bolivarian Republic.

Fidel Castro Says He Distrusts Washington Politics

Bonus: Controlling Cuba:

The new US-Cuban push to restore diplomatic relations is fraught with astounding strategic risk for Havana, since the US may transform it into an economic satellite and/or infiltrate it with professional Color Revolutionaries, both of which would make the country’s leadership dependent on Washington’s future dictates. If Cuba, the revolutionary poster child of anti-hegemony, can be neutralized, then the chain reaction may continue all throughout the rest of the ALBA network, which might be the extra push that the US needs to ruin China’s multipolar cooperation with Nicaragua and Venezuela and overthrow their governments. With those two out of the game, the US can then concentrate the rest of its attention on Argentina which would likely follow in their demise.

@Martian2 , @Keel , @Chinese-Dragon , @Raphael , @Beidou2020 , @Edison Chen , @Yizhi , @Shotgunner51 , @ChineseTiger1986 , @j20blackdragon , @j20

 

[Martian2]

America's "Pivot to Asia" is a military-centered strategy. For example, the US has been busy trying to recruit the Philippines, Vietnam, and India to join with Japan in forming a containment wall around China. However, this attempt is inherently dangerous. If China feels threatened, there will be a military reaction. Hence, India has refused to agree to three US military bases on its soil. A military incident in the South China Sea could theoretically lead to a Chinese thrust against American bases in India.

In the article, China is merely conducting business in South America.

The author of the article is conflating two different concepts by using the word-play on "pivot."

 

[Shotgunner51]

Argentina To Buy Chinese APC, Warships

 

[Shotgunner51]

Argentina and China agree fighter aircraft working group - IHS Jane's 360

Argentina and China agree fighter aircraft working group
Gareth Jennings, London - IHS Jane's Defence Weekly
05 February 2015

Argentina and China are to form a working group to look at the possible introduction into Argentine Air Force (Fuerza Aérea Argentina - FAA) service of a new Chinese fighter type, it was disclosed on 5 February.

The working group, which was discussed during a visit by between Argentine president Cristina Fernández de Kirchner to Beijing from 2 to 5 February, will look at the possible transfer of a range of military equipment to Buenos Aries. Chief among this equipment is either the Chengdu Aircraft Corporation (CAC) FC-1/JF-17 or the CAC J-10 fighter aircraft.

Ahead of any transfer of aircraft, the working group will examine means by which the FAA might integrate such aircraft into its inventory, and support them once in service. Argentina stands to receive 14 fighter aircraft should the proposed transfer go ahead, though no timelines have been revealed.

ANALYSIS
For some years now, Argentina has been trying to replace its antiquated and increasingly unserviceable Dassault Mirage IIIEA, IAI Dagger, and McDonnell Douglas A-4 Skyhawk fighter fleets with a newer and more capable type.

News of the Argentine-Chinese working group comes weeks after it was reported that Russia had courted Argentina with the possible lease of Sukhoi Su-24 'Fencer' strike aircraft. While the UK Ministry of Defence took these reports seriously enough to review the defence of the Falkland Islands, the Su-24s would have no really operational utility for the FAA, and it would appear that any proposed transfer of such aircraft is likely the result of Russia playing political games with the UK over the continuing crisis in Ukraine.

Other, more realistic, options that have been touted over recent months include surplus Spanish Mirage F1s, Israeli Aerospace Industries (IAI) Kfirs, and Saab Gripen E/Fs. All of these appear to have stalled for either economic or political reasons (the proposed buy of the Gripen E/F was effectively vetoed by the UK, which manufactures many of the aircraft's systems).

The Chinese FC-1/JF-17 has also been previously touted as a possible option for the FAA, so it is interesting to see it once again mentioned with this latest Argentine-Chinese agreement. The J-10, however, has not been mentioned in relation to the FAA before.

First unveiled in 2006, the J-10 bears more than a passing resemblance to the 'Euro-canard' Gripen, Dassault Rafale, and Eurofighter Typhoon fighters (it has been claimed that the J-10 was actually developed from the Israeli Aerospace Industries Lavi, which was itself modelled from the Lockheed Martin F-16).

The single-seat, single-engined, fighter has a top speed of Mach 1.8 at altitude, a service ceiling of 55,000 ft, is cleared to +9/-3 g , has a radius-of-operation of 300 n miles (555 km; 345 miles), and a payload of 6,600 kg (14,550 lb) on 11 hardpoints. Weapons options include PL-8 (Python 3) or later air-to-air missiles (AAMs) such as PL-11 or PL-12; Vympel R-73 and R-77 AAMs; C-801 or C-802 air-to-surface missiles; YJ-8K (anti-ship) or YJ-9 (anti-radiation) missiles; and up to six 1,000 lb laser-guided or free-fall bombs. There is also an internally-mounted 23 mm cannon, and the provision for a Chinese-developed infrared/laser navigation and targeting pod.

The People's Liberation Army Air Force (PLAAF) is believed to have a requirement for up to 300 J-10s, and its inclusion in the FAA's inventory would represent a significant capability boost for Argentina.

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China, Argentina Agree on Work for New Nuclear Power Plants - ABC News

China, Argentina Agree on Work for New Nuclear Power Plants
BEIJING — Feb 4, 2015, 10:04 AM ET

Chinese and Argentine leaders on Wednesday signed a batch of agreements, including collaboration on two new nuclear power plants, as Beijing is strengthening its relations with the South American country.

On a state visit to China, Argentine President Cristina Fernandez de Kirchner met with Chinese President Xi Jinping and the two countries signed 15 agreements covering travel visas, information technology, media, energy, space technology and financing. The financial amounts of the deals were not disclosed.

Kirchner said two nuclear plants would be built in Argentina with transfer of technology from China, calling the move a "gateway for the deepening of this strategic relationship."

China also is helping Argentina build infrastructure such as dams and railways. Beijing recently helped Buenos Aires stabilize its peso with a currency swap as Argentina struggles to shore up its foreign reserves.

"Both sides are committed to strengthening our cooperation in various fields, especially our cooperation on basic infrastructure development ... and in promoting the sound and stable development of bilateral trade," Xi said.

The world's second-largest economy has been strengthening ties with Latin American and African countries in hopes of building a global stature commensurate with its economic power.

China has pledged $250 billion in investments in Latin America over the next five years as part of a drive to boost Beijing's influence in the region.

In an indication of China's importance to Argentina, Kirchner told her Chinese host she was visiting Beijing against medical advice for her foot injury. "I came out of my desire to be here with you, with our partners who are coming to sign agreements," Kirchner said.

At the signing ceremony, Kirchner touted several China-Argentina projects, including the Cepernic Kirchner dams, the Belgrano Cargas railway and the Atucha nuclear plant.

 

[Nike]

You should know, no matter how much you want to selling military equipment or invest your money to Argentina, the Argentina people is always rightist at heart. The political value left by Peron is much revered until today in Argentina, nor China capitalist communism or American Liberal democracy can change that.

China maybe can get more considerable success to woe Brazil than Argentina....

 

[Shotgunner51]

You should know, no matter how much you want to selling military equipment or invest your money to Argentina, the Argentina people is always rightist at heart. The political value left by Peron is much revered until today in Argentina, nor China capitalist communism or American Liberal democracy can change that.

China maybe can get more considerable success to woe Brazil than Argentina....

China has sold military equipments to Venezuela, Bolivia, Ecuador and Peru. Regarding ABC (Argentina, Brazil, Chile) China has different and suitable approaches to deal with the markets respectively.

 

[Beast]

You should know, no matter how much you want to selling military equipment or invest your money to Argentina, the Argentina people is always rightist at heart. The political value left by Peron is much revered until today in Argentina, nor China capitalist communism or American Liberal democracy can change that.

China maybe can get more considerable success to woe Brazil than Argentina....

End of the day, whether you are left or right wing, you still need something to fill in your stomach. That is something China can provide and something Argentina and China can benefit.

 

[Keel]

An opinion poll done by Pew in 2014 has shown the following

US has a moderately high ratings in the poll except for Argentina and Venuzuela and probably Cuba (not in the poll) too. Argentina and Venezuela are turning to China so as to get a breathing space from the domineering American influence

We have indeed sold some of our weapons to some Latin American countries but these wont pose as a threat at all to USA. They are regional weapons

As far as trade is concern, we have managed to broaden our scope into more technically demanding projects like railway and telecomm systems, nuclear plants, canal, satellite launching. It is a blessing for the Latin Americans to have found us when we have walked through the various stages of development in many infrastructural areas within the last few decades. Now the experience are readily marketable to them at affordable prices plus financial assistance, creation of jobs and probably transfer of technology. Who can find a better trade partner than China these days? When these projects are done, we are leaving our significant footprints in the continent absolutely. This can be construed as building our soft power in Latin America.

To conclude, it is a good start of building inroads into the area principally for trade and finance. I dont think we have any politcal / military ambition to set up a pivoting role there. Asia is a completely different picture for us.

 

[TaiShang]

China is making friends right under America's nose

Latin America is China's latest business buddy. Chinese banks increased investments in Latin America by 71% last year, and the country plans to double its trade volume with the Central and South American region over the next decade.

This comes as U.S. power in the Americas is starting to erode. U.S. cash is actually fleeing the region as investors see better deals at home or elsewhere.

China doesn't appear as worried about the short-term.

"What we're looking at is not simply an economic play. It's an economic play that also has political and strategic undertones," says Ilan Berman, vice president of the American Foreign Policy Council in Washington.

Outside of economic ties, Berman points out that China has helped fund Argentina's nuclear power plant, launched Bolivia's first satellite and is rumored to be helping Venezuela start its own drone program.

But for now, the relationship is mostly economic.

Trading Places: Although America is still the No. 1 trade partner with Latin America, China is already beating it in some places. China is ahead of the U.S. in trade with Brazil, Argentina, Peru and Venezuela, according to M.I.T. data.

In a sign of the shifting alignments, Latin American countries formed an alliance in 2010 called CELAC (Community of Latin American and Caribbean States), which excludes the U.S. and Canada.

Two months ago, the CELAC countries held a big meeting. Instead of going to Washington, they went to Beijing for the first formal conference between China and the region.

The potential for long-term ties is strong. China's President Xi Jinping has vowed to double trade between his country and Latin America over the next decade to $250 billion.

Money talks: China's banks lent $22 billion to Latin America last year. That's more than the World Bank and Inter-American Development Bank sent to the region combined, according to Margaret Myers, an expert at the Inter-American Dialogue, which is not associated with the bank.

"These countries have really welcomed China with open arms," says Myers.

Meanwhile, U.S. businesses are losing interest in Latin America. Direct investment from U.S. firms to Latin America has declined almost 20% since 2011, according to Commerce Department data.

Despite the recent Cuba announcement, Latin America remains low on America's policy priorities, some say. Its sleepy attention toward Latin America has allowed China to capitalize.

"As western capital retreats from Latin America...there's a vacuum there. Why wouldn't the Chinese want to fill that?" says David Morton, an emerging market expert and chief equity strategist at Rocaton Investment Advisers.

 

[Keel]

A result of their strategic rebalancing and also they are losing their market nitches in Latin America for goods that the Latinos want
Unlike USA, our trade and financial terms are more flexible. We are also taking more risks

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