China Attracted to Mexican Oil

President Xi Jinping’s three-day visit starting Tuesday comes as Mexico debates opening its highly regulated energy sector to more foreign investment.

China’s president has said he plans to address Mexico’s large trade deficit with the Asian power and discuss ways to increase Mexican exports. Analysts say that could mean oil, which Mexico has and China needs to fuel its expanding economy and the cars of its growing middle class.

“Access to strategic raw materials is key to understanding the dynamic of relations with China,” said Hugo Beteta, director for Mexico and Central America of the United Nations Economic Commission for Latin America and the Caribbean. “Clearly there is an interest by China in Mexican oil.”

via Mainichi

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