China and Latin America have formed a comprehensive partnership of equality, mutual benefits and common development, and both sides are working hard to create a new "five-pronged" landscape featuring political sincerity and trust, win-win economic and trade cooperation, cultural mutual learning, coordination in global affairs, and reciprocal promotion between overall cooperation and bilateral relations.
It is a great pleasure to gather with old and new friends in the attractive city of Santiago.
To be sure, a US-China trade war would have ripple effects across Chinese industry that would also depress demand for Latin America's raw materials.
Despite the long distance between China and Latin American and Caribbean countries, their peoples have enjoyed natural amity and long-standing friendliness.
In all, trade and investment, as well as financial development have been properly balanced between China and Latin America.
The China leader also called on the media on both sides to "use opportunities to promote models of cooperation and mutual exchange visits" to promote journalism cooperation at all levels.
Especially on such issues as environmental and social protocols, including engagement with local communities and non-government organisations, tied to Chinese investments in mining, energy and dam projects, South America shares much in common with certain countries in Southeast Asia and Africa. In the past decade, China's two biggest development banks have pumped in $125 billion to Latin America - more than the Washington-based World Bank and Inter-American Development Bank combined. Latin American countries have high hopes that Chinese capital can help to improve their domestic infrastructure, but it will be hard for Chinese enterprises to satisfy their needs entirely.
"Chile is close to China in the countries' alphabetic rank, and we are true neighbors", he said.
Xi flew to the Spanish island from Chile, the last leg of his three-nation Latin America tour, which also took him to Ecuador and Peru. In the long run, Chinese enterprises need to strengthen their own capability in conducting investment activities.
The key topics at this year's APEC summit included upgrading SMEs' development and enhancing their participation in global value chains.
What should we make of renewed talk of a new period in China's relations with Latin America and, in particular, what might this mean for the highly prized extractive and infrastructure ties between China and resource-rich South American countries? This demonstrates China's intention to cooperate with Latin American countries.
China's proposed alternative drivers of economic ties, including transportation and energy infrastructure investment and financing as well as the "export of industrial capacity" from China to Latin America, are part of a Chinese agenda created to promote Chinese interests.
Chinese President Xi Jinping (L), accompanied by his Chilean counterpart Michelle Bachelet, delivers a speech at a summit of Chinese and Latin American media executives in Santiago, capital of Chile, Nov. 22, 2016.