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And Ecuador is now a major destination for Chinese investment and financing in Latin America. Chinese investment and financing in Ecuador has exceeded 10 billion dollars, supporting hundreds of projects including major infrastructure projects such as the Coca Codo Sinclair hydropower plant, seven other hydropower plants and a dozen of highways.

They reaffirmed that promoting people's welfare and living standard while further enhancing cooperation in fields that accord with common interests are the SCO's top priorities.

Yang used the funds to accommodate his friends and relatives, according to the statement. In addition, he attended banquets that could have affected fair enforcement and received gifts from private companies worth 50,000 yuan, it added.

"Second, we should deepen personnel exchanges and expand friendship among China, Latin American and Caribbean journalists," he said.

BEIJING, Dec. 19 (Xinhua) -- It is time for predictions about the coming year, and you are bound to hear more than a few scary prophecies about an imminent economic hard landing in China, triggered by a debt crisis, a bursting property bubble, financial turmoil and more..