Premier Li Keqiang has attended the China-Brazil Industrial and commercial Enterprises Summit in capital Brasilia, along with Brazilian President Dilma Rousseff . Premier Li announced China will establish a special $30-billion fund to promote China-Latin America cooperation.

A new initiative is expected to dominate China-Latin America ties in the future.

Dubbed “three times three” by Premier Li Keqiang, it’s a three-point plan, each with three steps, aimed at building a new mode of production capacity cooperation.

The first part of the plan involves the joint construction of three passages between China and Latin America for logistics, electric power and information, so as to achieve inter-connection on the South American continent.

The second part aims at meeting the requirements of a market economy, with PremierLi emphasizing the significance of healthy interaction among the private sector, society and government.

Lastly, the Premier also called on both China and Latin America to increase cooperation by expanding three financing channels, namely in areas of funding, credit loans and insurance.

The Brazilian President Dilma Rousseff said China’s proposals will be conducive to Brazil’s economic development, as well as the interconnection and development among the countries of Latin America.

The president welcomed the participation of Chinese companies in big projects in Brazil, in industries like electric power and railways, and hoped that the two countries would further expand bilateral trade, optimize trade structures and enhance financial cooperation, so as to push their relationship to a new level.

The Premier is continuing his four-nation Latin America tour, a main objective of which is to expand production capacity cooperation and boost common development.