China’s big chess move against the U.S.: Latin America

China is making friends right under America’s nose.

Latin America is China’s latest business buddy. Chinese banks increased investments in Latin America by 71% last year, and the country plans to double its trade volume with the Central and South American region over the next decade.

This comes as U.S. power in the Americas is starting to erode. U.S. cash is actually fleeing the region as investors see better deals at home or elsewhere.

Ecuador and China to strengthen military cooperation

During a press conference held in Beijing on Sept. 15, Maria Fernanda Espinosa, the defense minister of Ecuador, told the Madrid-based Agencia EFE that China and Ecuador had agreed to strengthen military cooperation.