China is boosting its financial investments and relations with Latin America, while the U.S. is withdrawing aid.

The global giant has been investing billions of dollars in Latin America in the past few years. In 2015, Chinese banks forwarded loans to Latin American governments amounting to almost $30 billion. In 2014, $10 billion was infused by Chinese banks to the region. In 2012 and 2013, China loaned $7 billion and $14 billion, respectively. China further offered funding worth $35 billion that Latin American countries can use for various infrastructure projects.

“What we’re seeing is a proliferation of Chinese finance in Latin America,” said Margaret Myers, a director at Inter-American Dialogue, a non-profit organization based in Washington.

China Filling the Void Left by the U.S.

The investments were made after the U.S. failed to provide government and private investments in Latin America in the past three years. U.S. foreign aid to Latin America and the Caribbean has steadily been declining since 2012. The total was $1.8 billion in 2012 and then dropped to $1.6 billion the following year. In 2014, American investments amounted to $1.4 billion and then further decreased to $1.3 billion last year. In 2015, American investors withdrew $700 million from the region.

In 2014, Chinese exports to Latin America amounted to $130 billion, compared to $6 billion in 2000. Chinese President Xi Jinping also promised to invest $250 billion in the region in the next 10 years.

Aside from sending financial support, China has also been boosting its relations with Latin America. In 2015, it was the first time that China was host to all Latin American presidents visiting Beijing. Recently, China also turned into the No. 1 trade partner of Chile, Brazil and Peru, moving past the U.S.

China’s Plans for 2016

At present, the U.S. has more of an economic presence in Latin America, compared to China. In 2014, U.S. exports were three times more compared to Chinese exports to Latin America. However, China is doubling down in its investments and threatening to remove America from the top position in the region.

Ilan Berman, vice president at American Foreign Policy Council, stated that the Chinese are aiming to gain strategic power and influence in the region to establish dependence. So far, American influence has already lessened due to the active efforts of China.

China continues to strengthen its position in the region in 2016. While the Latin American economy recently struggled due to political instability and low prices of commodities, China had actively been giving aid.