The high point came last November, when Hu Jintao, China’s president, arrived in Latin America to sign a series of trade and investment deals that heralded a new relationship between a rising superpower and a continent eager for economic growth. Nowhere was he greeted more warmly than in Brazil. Its left-leaning president, Luiz In√°cio Lula da Silva, sees China as the country’s most promising business partner and an ally in boosting Brazil’s global influence.
Toasting their “strategic partnership”, Lula predicted that trade with China would more than double to $20 billion in three years. China promised to invest $10 billion in Brazil, mostly in infrastructure. Brazil, along with Argentina and Chile, recognised China as a “market economy”, thereby constraining their ability to retaliate against imports. Brazil hoped for Chinese backing for its bid for a permanent seat on the UN Security Council.
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