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Latin American countriesÂ were not a part of the earlier draft of theÂ route map of Chinaâ€™s Belt and Road initiative.Â Through efforts of both sides, startingÂ from the Belt and Road Forum for InternationalÂ Cooperation in May 2017, LatinÂ America has become an indispensable andÂ important participant of the â€˜Belt and Roadâ€™Â initiative. In view of the differences in historyÂ and objective circumstances between ChinaÂ and Latin America in terms of histories, cultures,Â current economic states and developmentÂ needs etc., policy coordination plays aÂ fundamental role in the China-Latin AmericaÂ cooperation under the framework of theÂ Belt and Road initiative. This article exploresÂ the four aspects of policy coordination in theÂ BRI context, namely historical background,Â philosophy, principle and objective. The articleÂ notes that the weight of the US, EU andÂ Japan in the global economy is decreasing,Â and the number of contradictions in the nationalÂ economies of these countries, on theÂ contrary, is growing. At the same time, theÂ aggregate economic weight of developingÂ countries is increasing. This new paradigmÂ of development of the world economy gives aÂ chance to developing countries, namely ChinaÂ and Latin America, to deepen economicÂ cooperation. China has already become theÂ second largest trading partner and the thirdÂ largest source of investment for Latin AmericanÂ countries. China also proposes a solutionÂ based on its own Chinese experience, whichÂ will allow countries from Latin America toÂ further accelerate their economic growthÂ through infrastructure cooperation withinÂ the framework of the Belt and Road Initiative.Â The basic principles of such cooperationÂ are win-win cooperation, shared growthÂ through discussion and collaboration andÂ the essence of policy coordination, etc. It isÂ believed that, on the premise of a high degreeÂ of consensus achieved through policy coordination,Â both China and Latin America willÂ achieve sustainable and efficient cooperationÂ and development under the frameworkÂ of the Belt and Road initiative.

Policy Coordination between China and Latin American Countries under the Framework of the Belt and Road Initiative