Argentine Foreign Minister Diana Mondino, accompanied by a large delegation of 20 businessmen and government officials, spent three days in China—Shanghai and Beijing—culminating on April 30, for extensive discussion on maintaining and expanding bilateral economic cooperation and trade, and attracting further Chinese investment in the country. This is far cry from the epithets and insults hurled by President Javier Milei against China during his election campaign and early days of his presidency, during which he called President Xi Jinping “corrupt,” and an “assassin,” and swore he would never do business with a “communist.” Mondino’s visit also did not please Washington, which has threatened Argentina to stay away from China and stick with its unipolar world allies instead—NATO and the U.S. Southern Command. Mondino even told CGTN that the Belt and Road Initiative offers some “interesting opportunities” for infrastructure development.
Reality appears to have imposed itself as some saner heads in the government have realized that Argentina needs China’s trade and investment. It also urgently needs to renew the $5 billion yuan swap the People’s Bank of China (PBOC) extended to Argentina’s Central Bank (BCRA) that will expire in June, which Argentina will have to repay unless it’s renewed. No commitment has yet been made from the Chinese side. Argentine Central Bank Governor Santiago Bausili, who traveled with Mondino, met with his counterpart to discuss this.
