Inter-American Development Bank (IDB) President Luis Alberto Moreno expressed the hope here on Tuesday that China and IDB would enhance cooperation and exchange to advance trade and investment between Latin America and China.

Moreno said at a press conference that China's economic growth in recent years has been remarkable and its trade with Latin American coutries has been more than 11 times that in 2000, which proved that it was "high time" for China to join IDB. China became the 48th member of IDB in January.

Citing that Latin America had once tided over economic crises by increasing exports, Moreno said the large consumption market in China can increase imports from Latin America and the two sides also can enhance cooperation in financial area, which can help Latin America fight the ongoing economic meltdown.

The IDB will hold its Annual Meeting of Governors Assembly between March 27 and March 31 in Medellin, 200 km northwest of Bogota. China will attend the meeting as a formal member for the first time.

The IDB group, founded in 1959 and headquartered in Washington D.C., is the oldest and largest regional inter-governmental development financial institution whose purpose is to promote economic and social development in Latin America and the Caribbean.

(Xinhua News Agency March 26, 2009)