China and Latin America are currently facing the dual economic and diplomatic transformation. Based on the policy adjustments，Sino-Latin American relations have the feasibility of extending the “strategic opportunity period”. In China’s economic and diplomatic transformation，China’s policy toward Latin America mainly focuses on the regional market capacity，potential of productivity cooperation，and global governance cooperation. Meanwhile，the importance of China in the Latin American dual transformation is reflected in its market demand，investment supply and diplomatic diversification. Therefore，the internal drive of Sino-Latin American relations has undergone important changes. China’s policy toward Latin America embodies greater planning，and its policy instruments are more diversified. At the same time，the initiative of Latin America to cooperate with China has been significantly enhanced. Under such new circumstance，China should deal well with bilateral and multilateral dimensions of cooperation，prioritize economic cooperation，and strategically plan regarding specific country and the economic sector.