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Production capacity cooperation with China, which is now Latin America's second largest trading partner and third largest investor, would "render Latin American exports more value-added, and regional industrialization more rapid," said Matias Carugati, chief economist at the Argentine consulting firm Management & Fit.

Economic structural adjustment has picked up speed - the services sector now accounts for more than half of the economy, and new products, sectors and business models have emerged in great numbers. In the first five months of this year, online retail sales rose by 38.5 percent. In May, output of new-energy cars and industrial robots increased by 2.8 times and 1.3 times respectively. All these point to the fact that China' s industrial development is upgrading and the Chinese economy is being driven by new growth drivers.

On May 12, Chinese Premier Li Keqiang again called for more efforts to streamline administration procedures and cut red tape at a national teleconference attended by senior and mid-level officials, saying the government will cancel more approval items, make business registration easier and waive administrative charges it deems unreasonable this year.

The government will simplify business registration procedures for them, give tax breaks, cut administration fees, and subsidize business loans, according to a statement released after an executive meeting of the State Council, China's cabinet presided over by Premier Li Keqiang.

Historic changes are taking place in the balance of power, global governance structure, Asia-Pacific geostrategic landscape, and international competition in the economic, scientific and technological, and military fields, says the white paper titled "China's Military Strategy."