-BEIJING, CHINA - MAY 13, 2025: The fourth ministerial conference of the China-CELAC (Community of Latin American and Caribbean States) Forum was held on Tuesday, May 13 in Beijing, drawing high-level participation from across the Global South. China's President Xi Jinping on Tuesday said that the East Asian country will import more goods from Latin American and Caribbean countries. Xi was delivering a speech at the fourth ministerial meeting of the China-Community of Latin American and Caribbean States (CELAC) Forum in Beijing, which was attended by Colombian, Brazilian, and Chilean presidents as well as a number of top officials from the region. Beijing is planning to encourage Chinese companies to further invest in Latin America, said Xi, adding that the East Asian country will provide a credit line of 66 billion yuan ($9.1 billion) to the region, according to his speech's transcript issued by the Foreign Ministry. Xi said China traded goods worth over $500 billion with Latin American and Caribbean countries in a historic first in 2024. China will offer Latin American and Caribbean countries a visa-free policy, Xi said. Considering the rapidly changing present state of the world with multiple risks intertwined, only by working together can countries "maintain world peace and stability and promote global development and prosperity," Xi said. The Chinese president also announced that Beijing is willing to cooperate with Latin America to implement a global security initiative. Notably, Colombia has expressed its interest in joining China's Belt and Road Initiative, according to its foreign minister.