“China in Latin America behaves completely different from how it acts in Africa and its decisions are political-strategic, besides economic,” said Gonzalez, adding that Beijing knows that in the region it must look for local partners for their investments, “contrary to what happens in Africa.”

NYU economics professor David Denoon agreed with Gonzalez, noting that in 2004 China launched a Latin America investment campaign which currently absorbs 30 percent of its overseas investments.

“While the US and European Union have bigger stakes in Latin America, China is growing fast and is quickly rebalancing the equation,” said Denoon, adding that China’s investments are accompanied by “a great effort in promoting influence in the region.”

Denoon said he was impressed by the multiple trade accords signed by Beijing in the region the past five years, and also with the intelligence centers China has opened in Cuba and the hydrocarbons, arms and air and space industry accords signed with Venezuela.

The economist also suggested that China seeks to expand its influence in Latin America because there is a tremendous efforts by Beijing “to eradicate Taiwan from the international stage,” and 12 of the only 16 countries in the world that recognize Taipei are in Latin America.

Denoon suggested, too, that it is in Latin America’s interest to have closer links with China in an effort to sustain China’s demand for commodities and as an alternative to U.S. political influence in the region.

NYU political science professor Christopher Mitchell agreed, saying China’s influence is advancing at “gigantic strides.” He warned that both sides face a tremendous problem with respect to social inequities, but this is particularly severe in Latin America, “which has the largest social gaps in the world.”

Regarding Latin America’s relations with the rest of the world, Spain’s Gonzalez recalled that regional GDP per capita is 2.5 times higher than in China and that therefore Latin America “has a greater commercial link potential” with the US.

Gonzalez had a rather pessimistic take on the world’s economic outlook, saying said that there are no “new models” being seriously proposed, except some regressive versions of past utopias “like the XXI century socialism preached from Venezuela and applauded in several regional countries.” 

“It may sound dramatic, but we have one last chance to make real reform in the financial system that could save it,” said Gonzalez. He said he profoundly regretted that many global leaders still believe in the “invisible hand of the market to regulate itself, in spite of the recent brutal display, which forced the massive intervention of governments impacted by the crisis.”

“I honestly think we are simply hatching the next crisis,” he added.  “If the European Union and the U.S. don’t put aside empty moralizing speeches and offer a true reform with global governance elements and a clearly defined regulatory framework, the next crisis will be the crisis of the system itself.”