News and Facts about Cuba

Chinese president backs Cuba’s economic reforms

Chinese backs Cuba’s economic reforms
Chinese president says Cuba’s economic reforms could lead to more trade
between nations
By Andrea Rodriguez, Associated Press

HAVANA (AP) — Chinese President Xi Jinping lauded Cuba’s economic
reforms on Tuesday during a visit to the communist-run island, saying
they could lead to greater commercial ties between the nations.

Xi’s visit to Cuba is part of a nine-day tour of Latin America that has
highlighted ’s growing ties to the commodities-rich region. He
previously visited Brazil, and Argentina.

Xi said in a statement reported on state website Cubadebate that Cuba
“has continued on the road to socialism, firmly guarding state
sovereignty while promoting economic growth.”

“Both China and Cuba are at a key stage in their respective
development,” Xi said. “China has sounded the trumpet for deepening
integrated reforms, while Cuba is now updating, in an integrated manner,
its economic model.”

Under President , Cuba has decentralized state-owned
enterprises, legalized home and used car sales and let hundreds of
thousands of people open or work for small businesses in the private
sector. Cuban officials, however, say the reforms do not amount to an
embrace of capitalism, but are rather an “update” of Cuba’s socialist
model to survive in the 21st-century global .

Xi arrived in Havana Monday night and plans to meet with Castro and see
a ballet before traveling to the province of Santiago de Cuba on Wednesday.

China is Cuba’s second-largest trade partner after Venezuela. Coinciding
with Xi’s visit, a group of Chinese and Cuban businesspeople inaugurated
a plant that will produce biosensors for the detection and control of
diabetes.

In Brazil, at a meeting of five emerging market powers known as the
BRICS nations, Xi agreed to the creation of a development bank that aims
to be an alternative to the World Bank and the International Monetary
Fund, which are seen by some as too U.S.-centric. Xi also reached an
energy agreement with Argentina’s government.

Source: Chinese president backs Cuba’s economic reforms – Yahoo News –
http://news.yahoo.com/chinese-president-backs-cubas-economic-172049113.html;_ylt=AwrBEiK0rs9TQ0wAnAPQtDMD

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