Xi Jinping hails 'new horizons' for China and Argentina on visit to Buenos Aires

Relations between Argentina and China were poised to reach unprecedented "new horizons", visiting President Xi Jinping said yesterday, addressing lawmakers in Buenos Aires.

Xi is on a Latin American charm offensive to secure bilateral trade deals - particularly coveted raw materials - from governments in the region.

China is Argentina's second-largest trading partner after neighbour Brazil. Last year, Argentina's trade deficit with China rose more than 20 per cent to US$5.8 billion.

"Our two countries find themselves at a historic crossroads," Xi said as he met Vice-President Amado Boudou and the heads of both chambers of Argentina's legislature.

And he told lawmakers: "We have just marked 10 years in the strategic association between Argentina and China and the time has come to open new horizons."

On Friday, Argentina signed deals to borrow US$7.5 billion from China at a time when the Latin American country cannot tap global capital markets because of disputes over unpaid debt.