Latin America is an indispensable major participant and practical contributor to China’s international cooperation on the “Belt and Road”. Since the official launch in 2017，China-Latin America cooperation under the framework of the “Belt and Road” Initiative has made solid progress. With rising regional recognition of the “Belt and Road” Initiative，the institutional environment at multilateral and bilateral levels is improving. Early gains have been achieved in the field of trade and investment facilitation while promoting the deepening of comprehensive cooperation between the two sides. At present，caught in new development traps，Latin America has high demand for trade，investment，finance and infrastructure cooperation with China. Meanwhile，it serves as a carrier for China’s major strategies such as going abroad of Chinese goods and capital and the internationalization of the renminbi. Therefore，the “Belt and Road” cooperation meets the common development needs of China and Latin America. The recent adjustments in Latin America have provided favorable conditions for the two sides to deepen cooperation，but there are still a series of internal and external constraints in the joint construction of the “Belt and Road”. To this end，China and Latin America should strengthen exchanges，explore new frontiers of cooperation，and make new assessments of value at risk hedged by the “Belt and Road” cooperation to maximize the common benefits of cooperation.