Chinese Vice Premier Wang Qishan met with President of the Inter-American Development Bank (IDB) Luis Alberto Moreno in Beijing Wednesday, vowing to upgrade cooperation with Latin American and Caribbean countries.

"China and Latin American and Caribbean countries are all developing countries that share the same need for development and complementary economic structure," Wang said at beginning of the meeting, adding that strengthening cooperation is important for the two sides to respond to the current global financial crisis and promote regional economic growth.

China joined the IDB as a new member of the Washington-based lending institution for Latin American and Caribbean countries on Jan. 12.

China is the 48th member of the IDB and the third member from East Asia, following Japan and the Republic of Korea.

"China entering the IDB is not only an outcome of the development of the China-Latin American relationship in past years, but also a new beginning for our future cooperation," Wang said.

Wang suggested the two sides should "fully take this key platform to explore trade, investment, infrastructure and personnel training," and try to achieve "concrete results".

Moreno agreed with Wang, saying that China's participation in the IDB will further strengthen the institution at a critical moment for the world economy.

China is Latin America's second largest trading partner after the United States. Its trade with the region has reached 140 billion U.S. dollars in 2008, 40 percent up year-on-year.

"The IDB boosts extensive networking in Latin America and Caribbean region, and we have kept constructive dialogue with governments of countries in the region. All these could help Chinese enterprises build closer relations with the region," Moreno said.

The IDB group, founded in 1959 and headquartered in Washington D.C., is the oldest and largest regional intergovernmental development financial institution. Its purpose is to promote economic and social development in Latin America and the Caribbean region.

(Xinhua News Agency February 5, 2009)