The economies of China and of the Latin American and Caribbean region are the current global growth poles and, over the coming years, will grow twice or three times as quickly as the industrialized economies, which will have to adjust to slower growth and higher unemployment. The present juncture offers an opportunity to rethink global and regional partnership strategies and to put greater emphasis on South- South ties in trade, foreign direct investment (FDI) and cooperation. In this document, the Economic Commission for Latin America and the Caribbean (ECLAC) posits that China and the Latin American and Caribbean region now enjoy a sufficiently mature relationship and are poised to make a qualitative leap towards a mutually beneficial strategic alliance. The Latin American and Caribbean countries must redouble their efforts to diversify sales to China, embedding more value and knowledge into their exports, and to stimulate business, trade and technological ties with their Chinese counterparts. They must also promote Latin American investments in the Asia-Pacific region in order to build the region's presence in Asian value chains, focusing on China.