“In addition to a better investment environment, I am expecting measures from both countries to boost cooperation and mutual understanding between China and Brazil,” said Li Yinsheng, CEO of the China Three Gorges Corp. (CTG) Brazil, in an interview with Beijing Review on the sidelines of the Brazil+China Challenges Forum at Peking University on September 1.

Set up in 2013, CTG Brazil has been actively tapping into the Brazilian market and has invested in 28 energy projects including 17 hydropower plants and 11 wind farms, mainly through mergers and acquisitions with local companies, according to its company statement. It’s now the second largest private power generator in Brazil.  

In 2015, the company won 30-year concession rights to operate two major hydroelectric projects, the Ilha Solteira and Jupia plants in Brazil, with a total investment of $3.7 billion. 

After CTG brought Duke Energy's assets in Brazil for $1.2 billion at the end of 2016, CTG Brazil's clean energy generation portfolio has increased by 2.27 gigawatts (gw), reaching a total capacity of 8.27gw under its management. 

“China and Brazil conducted pragmatic cooperation within the framework of the United Nations, BRICS and G20. The two countries are working to push reforms in the international financial system and to empower developing countries with rights,” said Chen Duqing, China’s former ambassador to Brazil.  

The two countries have become even closer economically. According to Chen, China has remained as Brazil’s largest trade partner for seven consecutive years. Over 200 Chinese companies are doing business in Brazil’s telecommunication, energy and mechanics industries, while Brazilian planes transport Chinese passengers around the world.  

Trade and investment between China and Brazil has also grown rapidly in recent years, and in spite of the sluggish economic recovery of Brazil, Russia and South Africa, China has invested heavily in Belt and Road-related countries and the BRICS.  

“China’s investment to BRICS countries are growing at a high speed, especially in energy and trade, which justify the importance of bilateral cooperation during stagnation of the macro-environment,” said Wang Wen, Executive dean of Chongyang Institute, Renmin University of China. 

Cristovam Buarque, Brazilian senator and a board member of United Nations University, said in a panel discussion on September 1 that China’s unity, stability, and heavy investment in technology and education are safeguarding the realization of China’s development targets. Brazil could learn from China to overcome its own challenges both at home and abroad.  

The Brazil+China Challenge Forum 2017 was held from September 1 to 2 at Peking University to discuss the opportunities and challenges regarding cooperation between the two countries. 

The forum, co-hosted by the Yanching Academy of Peking University, Getúlio Vargas Foundation and Brasa Asia, gathered about 200 government officials, entrepreneurs, and scholars to study successful cases in developing China-Brazil ties, and to incubate selected projects that build bridges between China and Brazil. 

Copyedited by Bryan Michael Galvan 

Email to maxiaowen@bjreview.com