China 'fuelling its economy through investment in Brazil'
Date added: 6th June, 2011 at 10:29
(view all articles from June, 2011)
Categories: Economy
Chinese investment in Brazil guarantees a steady flow of commodities to the Asian country, which needs imports to fuel its economy.
This is according to an Associated Press report, which noted that around 14 per cent of oil produced in the Latin American nation was shipped to China in 2009.
China is also ploughing money into neighbouring countries like Argentina, Chile and Venezuela.
"For China, this is a strategic, long-term investment," director of the Argentina-Chinese Chamber of Production, Industry and Commerce Ernesto Fernandex Taboada told the news provider, adding that some of the deals the Asian nation struck with Latin America will last for up to two decades.
In return for commodities, China often provides loans, with Brazilian state-owned energy company Petrobras borrowing $10 billion (£6 billion) from the China Development Bank in exchange for 150,000 barrels of oil in one year, followed by 200,000 barrels for nine years after that.
Chinese trade minister Chem Deming recently said during a visit to the Latin American country that his nation is keen to look into investment in infrastructure as well as commodities.
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