Economy

xchrom

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11. China Has Soured On Brazil

Fri Nov 1, 2013, 07:43 AM

Nov 2013

http://www.businessinsider.com/chinese-investors-have-soured-on-brazil-projects-are-melting-away-2013-11

SAO PAULO (Reuters) - For Chinese investors, Brazil is no longer the promised land.
After making a big push into the South American giant in search of raw materials such as iron ore, as well as a promising market for their consumer goods, Chinese executives have grown frustrated with stagnant economic growth, heavy costs and what they see as a political and popular backlash against their presence.

As a result, Chinese investment is falling, and as much as two-thirds of the roughly $70 billion in projects announced since 2007 is either on hold or has been canceled, according to recent studies and interviews with Chinese and Brazilian officials.

The unexpected decline, which investors and analysts say has little hope of reversing itself anytime soon, will deprive Brazil's struggling economy of what once seemed like a sure-fire source of growth for years to come.

Read more: http://www.businessinsider.com/chinese-investors-have-soured-on-brazil-projects-are-melting-away-2013-11#ixzz2jOSDRk00

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