China invests US$6.1 billion in Brazil, surpassing US as top destination

In 2024, investments from Chinese miners, automakers, and technology companies in Brazil reached US$6.1 billion, establishing the country as Beijing's leading global investment hub, as reported by the China-Brazil Business Council (CBBC). This represents a remarkable 45% increase compared to the previous year, surpassing Brazil's overall foreign investment growth of 4.8% and China's global outbound investment rise of 1.3%. Brazil received 10.9% of all Chinese foreign capital, outpacing the US at 6.8%. The mining sector saw investments soar to US$1.76 billion, with notable transactions including CMOC's acquisition of gold mines from Equinox Gold for around US$1 billion. Additionally, Chinese car manufacturers have repurposed factories left by Western companies, while tech firms like Meituan's food delivery service have begun operations. Sustainability projects reached a record 31, comprising 60% of all Chinese initiatives in Brazil. According to Tulio Cariello, CBBC's research director and report author, the distribution of investments across sectors is more telling than the total amount. Chinese enterprises are now present in 20 Brazilian states, intensifying competition with Washington's influence in the area.