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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: elmatador who wrote (55824)	11/11/2004 3:02:27 PM
From: RealMuLan	Read Replies (1) of 74559

China builds on ties with Brazil Hu Jintao hopes new deals will help accelerate China's growth China's president Hu Jintao is visiting Brazil in a bid to secure trade deals to satisfy his country's burgeoning demand for foreign goods. China is now one of the world's largest importers of metals, oil, industrial chemicals and farm products. Recently, buyers have been scouring the world for fresh sources of supply. President Jintao hopes the Brazilian trip will lead to trade agreements on beef, poultry, soya and ethanol, an important industrial chemical. Brazilian exports to China have risen by 30% this year, and by 500% in the last five years. Mutual interests China has become the third largest export market for Brazil, so this will be an important visit for both sides. Brazil's principal iron ore producer recently agreed $5bn (£9.2bn; 6.49bn euros) worth of deals with China. And this week's visit is expected to result in another $8bn worth of trade and investment in Brazil over the next few years. Once simply a buyer of commodity goods, China is now financing new mines, improvements to transport infrastructure and new plantations in order to help Brazil service its hunger for raw materials. China's appetite for resources is expected to quadruple over the next 15 years or so as its economy forges ahead. After his Brazilian trip, the Chinese president plans to visit several other Latin American nations to build further economic ties between the region and China. news.bbc.co.uk

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