China is a major buyer of Argentine soybeans and beef. China and Argentina pledged to deepen their strategic partnership and expand and diversify trade, China's state media said after a meeting of presidents Xi Jinping and Alberto Fernandez.

The leaders, meeting on the sidelines of the Beijing 2022 Winter Olympics, agreed on a five-year plan on agricultural cooperation and identified key areas of cooperation needed to grow and diversify trade and investment in the sector, according to a joint statement cited by state media CCTV.

China is a major buyer of Argentine soybeans and beef and has a currency swap deal with the South American country, which helps to bolster Argentina's foreign reserves. Fernandez is battling to revive his grains-producing country's economy and replenish dwindling reserves.

China is willing to share development opportunities with Argentina and help it expand exports and upgrade its industries, China's foreign ministry quoted President Xi as saying.

He was quoted as saying the two countries should deepen cooperation in trade, agriculture, energy and mining, infrastructure, investment and financing, anti-epidemic efforts, the digital economy, green development and other areas.

Source: Reuters