China is pouring cash into Latin America, investing in everything from agriculture to railways while satisfying its need for oil and other raw materials to fuel its booming economy.
In July, China gave Venezuela the first US$4 billion of a US$20 billion line of credit, and state-owned China National Petroleum Corp. agreed to pay US$900 million to gain access to oil deposits in Venezuela’s eastern Orinoco region.
In April, Peru became the region’s winner for the highest amount of firm Chinese investments to date at US$1.4 billion.
The Jakarta Globe, quoting AFP, said it is Brazil that is luring Chinese companies in droves, with both its massive oil and iron ore deposits and its need for financing and infrastructure investments ahead of the 2014 World Cup and the 2016 Olympics.
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