On Sunday, Argentine President-elect Javier Milei won a landslide victory and outlined his plans for economic reform. Milei announced that it could take 18-24 months to get inflation under control, with a poverty rate of 40%. The 53-year-old does not believe in access to abortion or climate change being humanity’s fault. He also stated that everything will remain in the hands of the private sector, including YPF and state media.
After his victory, Milei has toned down some of his controversial rhetoric and has a clear plan for state reform. One of Milei’s most popular ideas is to replace the weakened peso with the US dollar while allowing the public to choose the nation’s currency. He explained that he must first address the debt issued by Argentina’s Central Bank before this can be done.
Milei will take office on December 10, becoming the leader of Latin America’s third largest economy. Before his presidency, he said he did not deal with communists, which has led to him being lionized by leaders from Latin America such as Brazil and China.
China congratulated Milei on his victory and said it would continue cooperation with Argentina from a strategic perspective. Foreign Ministry spokeswoman Mao Ning stated: “China has always attached great importance to the development of Sino-Argentine relations from a strategic and long-term perspective.”