Argentina has designated China as a "market economy," a move that will limit the South American country's ability to impose anti-dumping sanctions on Chinese exports.

The decision comes after China and Argentina signed accords that could bring more than $20 billion in Chinese investment to Argentina over the next 10 years.

Brazil also granted China "market economy" status during a visit by Chinese President Hu Jintao last week.

On Wednesday, Argentina's agriculture department announced that China will increase imports of Argentine beef, apples and pears over the next few years.

Some information for this report provided by AFP and Reuters.