Chinese president backs Cuba's economic reforms

Chinese president 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 China's growing ties to the commodities-rich region. He

previously visited Brazil, Venezuela 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 Raul Castro, 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 economy.



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 -

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