On Wednesday, Honduran President Xiomara Castro announced that the country would begin a process to establish diplomatic relations with China.

China welcomes the announcement.

"China is willing to develop a relationship of friendship and cooperation with Honduras and other countries in the world," says Chinese Foreign Ministry spokesman Wang Wenbin.

China does not accept that countries have relations with both Beijing and the Taiwanese government in Taipei, and Honduras has until now been one of only 14 countries in the world that have diplomatic relations with Taiwan.

There is no word on whether Honduras and China's relationship means the country is now cutting ties with Taiwan.

Honduran Foreign Minister Eduardo Enrique Reina says economic reasons are behind the switch.

"We need investments and collaborations. Honduras has huge needs and Taiwan has not met them," he said.

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