From ‘assassins’ to ally? Milei caps turnaround by meeting China's Xi

President Javier Milei met his Chinese counterpart Xi Jinping on the sidelines of the G20 Leaders' Summit in Rio de Janeiro on Tuesday, in what was their first face-to-face meeting.

Milei, 53, published a photograph of the encounter on his social media accounts showing the two leaders shaking heads.

“During this meeting, issues of relevance to the bilateral relationship were discussed, including constructive cooperation and the expansion of trade relations between the two countries,” read a statement issued by Argentina’s Presidency.

“China expressed its interest in increasing trade with the Argentine Republic, while Argentina expressed its vocation to diversify and increase its exports to the Chinese market,” it added.

“Existing commercial and financial ties and agreements were reaffirmed, as well as the vocation to continue exploring new opportunities to expand and improve everything that involves the strengthening of the bilateral relationship,” the statement added.

It noted that both leaders had invited each other for bilateral visits and charged their foreign ministries with coordinating the meetings.

China's state-run Xinhua news agency reported that, during the meeting, “Xi Jinping emphasised that the world is currently undergoing profound changes” and that China and Argentina should “strengthen exchanges at all levels and in all fields.”

“China and Argentina have highly complementary economic and trade structures and broad prospects for cooperation,” Xinhua reported, noting that “China is also willing to continue financial cooperation” and help Argentina “maintain economic and financial stability.”

China’s Deputy Foreign Minister Vice Minister Hua Chunying, a spokesperson for the Chinese government, later said that Milei had “highly valued the friendly relations between Argentina and China, and expressed his willingness to continue deepening binational cooperation.”

For his part, Xi highlighted the 10th anniversary of the China-Argentina Comprehensive Strategic Partnership and expressed his “appreciation” and willingness to work with Argentina on development projects.

The half-hour meeting between the duo caps off a remarkable turnaround for Milei, who when campaigning for the presidency last year declared that he would not have relations with China, describing its leaders as “communists” and “assassins.”

“I am not going to do business with China. I am not going to do business with any communist,” said the President last year.

However, the outspoken libertarian has since changed his tune dramatically, warming to the Asian giant, which is Argentina’s second-largest trading partner and a key source of external financing.

In recent months, Milei has written Xi a letter, opened negotiations over a potential visit to Beijing next year and described China as “a very interesting partner that does not demand anything.”

The objective of Milei’s meeting with Xi was to deepen political relations with China and advance on a common agenda linked to infrastructure investments.

Milei’s government is also seeking a renewal of Argentina's existing US$5-billion currency swap agreement with China, in order to postpone repayment.

In exchange for financial backing and support for the country at the International Monetary Fund (IMF), Xi is seeking engagement on projects involving hydroelectric dams, nuclear power plants, ports, and access to lithium, among others.

On Monday, Xi announced a series of measures aimed at boosting the Global South.

In his first remarks at the G20 summit, Xi said China will support global development with eight actions, including building a ‘high-quality’ Belt and Road Initiative, his foreign policy plan that directs major Chinese investment into infrastructure projects in the developing world.

According to Reuters, he also announced that China, along with Brazil, South Africa and the African Union, was launching an “Open Science International Cooperation Initiative” designed to channel scientific and technological innovations to the Global South.

“China supports the G20 in carrying out practical cooperation for the benefit of the Global South,” Xi said, according to the state-run Xinhua news agency, adding that China's imports from developing countries are expected to exceed US$8 trillion between now and 2030.

– TIMES/PERFIL/NA