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Chinese economic statecraft and China's oil development finance in Brazil
[journal article]
Abstract Over the last years, Brazil and China's oil-related finance activities have expanded substantially. Between 2007 and 2019, Brazilian companies received approximately one-fourth of Chinese policy banks overseas oil-related loans, and Chinese financial institutions became Brazil's biggest oil company ... view more
Over the last years, Brazil and China's oil-related finance activities have expanded substantially. Between 2007 and 2019, Brazilian companies received approximately one-fourth of Chinese policy banks overseas oil-related loans, and Chinese financial institutions became Brazil's biggest oil company Petrobras’ main creditor. A deep analysis of these loans highlights their usage as economic statecraft tools, with impacts on the bilateral crude trade and investments. Loan-for-oil mechanisms, content purchase requirements, and a countercyclical lending pattern have helped to influence Brazilian players to behave in a manner conducive to the Chinese state's energy security objectives and strategic goals, namely increase of imports, diversification of sources, and internationalisation of firms. With these loans, China has satisfactorily guaranteed a stable oil supply over time and has helped Chinese equipment makers and service providers to expand their footage in Brazil.... view less
Keywords
China; international trade policy; international economic relations; Brazil; crude oil; lending; energy industry; bilateral relations; investment policy
Classification
International Relations, International Politics, Foreign Affairs, Development Policy
Free Keywords
Internationale Anleihen; Wechselbeziehungen Außenpolitik - Außenwirtschaftspolitik
Document language
English
Publication Year
2021
Page/Pages
p. 366-390
Journal
Journal of Current Chinese Affairs, 50 (2021) 3
Issue topic
PRC Economic Statecraft Explored: How Uniquely Chinese Are Its Characteristics?
ISSN
1868-4874
Status
Published Version; peer reviewed