In a raft of energy, finance and industry accords signed before presidents Xi Jinping and Dilma Rousseff, the two nations agreed to join forces to build railways to help Brazil cut its infrastructure deficit and feed China’s appetite for commodities.
English: Official photo of President Rousseff, taken by official photographer, at Alvorada Palace on January 9th, 2011. Français : Photo de Dilma Rousseff, prise par un photographe officiel, dans le Palácio da Alvorada le 9 janvier, 2011. Português: Foto oficial da presidente Dilma Rousseff feita no Palácio do Alvorada no dia 9 de janeiro de 2011 pelo fotografo oficial. (Photo credit: Wikipedia)
Trade between China and Brazil soared to $83.3 billion last year from $3.2 billion in 2002, with iron ore, soy and oil making up the bulk of Brazilian exports, making China the South American nation’s biggest trade partner.
China’s Eximbank extended a $5 billion credit line to Vale to buy ships and equipment from Chinese companies, but there was no mention of a solution to an impasse over China’s refusal to allow giant, bulk iron ore carriers used by Vale SA to dock at Chinese ports.
In a sign of deepening financial ties between the two members of the BRICs bloc of emerging nations, the China Construction Bank formalized acquisition of 72 percent of Brazilian mid-size lender Banco Industrial e Comercial SA, a 1.62 billion real deal agreed in October.
Xi visited Brasilia after a BRICS summit that set up a new $100 billion development bank, to be based in Shanghai, that will fund infrastructure projects, providing developing nations with an alternative source of funding to Western-dominated multilateral financial institutions.
via China, Brazil close plane, finance, infrastructure deals | Reuters.
CHINDIA ALERT: You'll be living in their world, very soon 