With the theme of "seizing new opportunities through a China-Latin America partnership under the Belt and Road Initiative," the 12th China-LAC Business Summit opened in Zhuhai City, South China's Guangdong Province on Thursday.

With a field of around 1,200 participants, the discussions will cover infrastructure, finance and trade cooperation.

China is Latin America's second largest trading partner, with the trade volume hitting 200 billion US dollars in 2017, according to the Ministry of Commerce (MOC).

"Both China and Latin American countries are emerging economies. Our friendship will be far-reaching. We have no historical conflicts, and we share common interests (now and in the future). All parties agree to uphold the principles of mutual trust and win-win cooperation," said Liu Xincheng, vice chairman of the National Committee of the Chinese People's Political Consultative Conference, China's top political advisory body.

Nevertheless, some experts see the trade relations between China and Latin America as an imbalanced one, suggesting that Latin America is a massive exporter of low-valued commodities while importing expensive, higher-end products from China.

Former US Secretary of State Rex Tillerson in February this year warned the region "not to rely on China too much."

"I wouldn't say it's imbalanced. I think there is a natural trend there. China has a comparative advantage in manufactured goods, as Latin America has a comparative advantage in natural resources. What's important is that the exports from China to Latin America are more diversified," said Alexandre Meira da Rosa, vice president of the Inter-American Development Bank.

Liu Xincheng, vice chairperson of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), delivers a keynote speech at the opening ceremony of the 12th China-Latin America and the Caribbean (China-LAC) Business Summit in Zhuhai, South China's Guangdong Province, on Nov. 1, 2018. [Photo by Zhang Jiayang / Xinhua]