China to diversify Latin America investment

Updated: 2011-09-13 16:38

By Su Zhou (

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Beijing – More Latin American countries besides Brazil and Argentina will obtain foreign direct investment from China, said Zhu Xinqiang, vice-governor of the Export-Import Bank of China.

Currently, most, if not all, of China's investment in the continent went to Brazil and Argentina, with the former getting 59.2 percent.

At the same time, more investment will be put into infrastructure construction, high-tech and agricultural projects in Latin America. In the past three years, China's investment in Latin America mainly centered on nature resources.

"The Export-Import Bank of China will optimize the cooperative model, investment structure as well as the financing channel between China and Latin America to boost the cooperation."

According to the foreign investment department of the National Development and Reform Commission, by the end of 2010, Chinese enterprises had invested in Latin American a total of $43.88 billion, $10.54 billion of which were invested last year.

Latin America is becoming one of the important destinations for Chinese foreign investment.

Recent China-Latin America deals include Sinopec's $9.6 billion in deals for the Brazilian assets of Repsol-YPF and the Argentine assets of Occidental, a $1.5 billion farmland deal between Beidahuang China and Cresud in Argentina, two $10 billion deals for Petrobras, a $3.1 billion to Bridas, a $3 billion bid for the Peregrino oil field, $2 billion for Toromocho copper mine, $400 million to MMX, and $200 million for the Jaguar Energy Guatemala plant, according to