By number of projects, there were 52 Chinese ventures in Brazil in 2025, 33% more than in 2024 and a record in the series, which began in 2010.

The electricity sector remained the largest recipient of investment, but the “new frontier” is mining, which ranked second. Investment in the sector more than tripled from 2024, reaching its largest share of total Chinese investment in Brazil since 2007.

The automotive sector also stood out, ranking third in invested value, followed by oil and information technology.

The CEBC survey also shows that Brazil attracted more Chinese investment than any other country in the world in 2025, with a 10.9% share of the total invested. It was followed by the United States, with 6.8%; Guyana, 5.7%; Indonesia, 5.4%; and Kazakhstan, 4.4%. Over the past five years, Brazil has always ranked among the top five global destinations for Chinese investment. The last time the country topped the ranking was in 2021.

The study considers confirmed investments in projects by companies from mainland China or by companies based in other countries with Chinese shareholding.

The study is based on news reports, company websites, municipal and state government portals, as well as information provided directly by representatives of Chinese companies and confidential sources.

Tulio Cariello, the author of the survey and CEBC’s content and research director, notes that, depending on the database, some surveys may not show Brazil as the top destination for Chinese investment, but the country is still very close to that position. “Brazil is a very consolidated destination for Chinese investment and will continue to be.”

China’s performance in Brazil outpaced total foreign investment in the country, which rose 4.8% in 2025, to $77.7 billion. The increase was also higher than China’s total investment abroad, which grew 1.3%, to $145.7 billion.

Under the Central Bank’s criteria, which use a different methodology, the United States was the largest direct investor in Brazil last year, with $8.47 billion in equity capital, down 29% from the previous year.

Investment profile

For Cariello, the main highlight in 2025 was the greater diversity of Chinese investments in Brazil. Although electricity remained the largest sector by value, with a 29.5% share of the total, he says the strong expansion of mining projects changed the profile of Chinese investment in the country. Mining accounted for 29%.

The survey shows that mining investments totaled $1.76 billion in 2025, more than triple the $557 million reported in 2024. “The electricity and oil sectors had already been very strong. Electricity, in particular, has received large investments since 2010, with virtually no year in which the sector did not stand out. But new sectors are competing for spots on the podium,” Cariello said.

“Mining is the major highlight of this survey. Investments in the sector were made through mergers and acquisitions. In other words, a Chinese company buying a foreign or even Brazilian company operating here, which involves billions of reais. This is a new frontier for us to watch. Since the early 2010s, Chinese companies had already been investing in the area, but there has been a very strong rebound because there is now a race for strategic minerals.”

Cariello recalls a recent investment by a U.S. company in rare earths in Brazil. “The mining sector opens up the need for Brazil to think about a strategy in the race for critical minerals that benefits the country over the long term. That would allow Brazil to attract investments with some kind of technology transfer or that place the country in other parts of the production chain, not only in metal extraction, but also in processing and even component manufacturing. Having an electric battery plant here, for example, would be interesting.”

The study notes that the profile of Chinese investment in Brazil is particularly relevant in light of Beijing’s ambitious decarbonization policy. China, the survey says, leads the development and manufacturing of several products linked to the energy transition, which is driven by rising demand for critical minerals.

Cariello says Brazil stands out in this context because of the diversity of strategic minerals it holds. He cites a survey by the Economic Commission for Latin America and the Caribbean (ECLAC) showing that Brazil has 26.5% of global graphite reserves and is the second-largest holder of rare earths, with a 23% share, behind only China itself.

Mining, he says, also helped push Chinese investment farther into Brazil’s interior, although the electricity sector remains the main driver of geographic diversification, especially through transmission projects. Oil also contributes to that trend, he notes.

“We saw a larger share for states in the North region now, the highest in history, because of China’s investments in the Equatorial Margin region, at the mouth of the Amazon River. These are offshore investments and therefore in federal waters, but since we are talking about the sea, these states may receive royalties, and the investments will also create jobs and opportunities for people in the region.”

Chinese investment in the oil sector totaled $804 million in 2025, 24% less than in 2024. Even so, the industry accounted for 13.3% of China’s total investment in Brazil, ranking fourth.

One highlight was oil company CNPC, which acquired, in partnership with U.S.-based Chevron, nine blocks in an auction held by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), all in the region at the mouth of the Amazon River.

The survey shows that 2025 also set a record for the number of states with Chinese investment projects. There were projects in 20 states last year, compared with 14 in 2024. The previous record was 17, in 2019.

Automotive and green projects

Ranking third among the sectors that received the most Chinese investment in Brazil in 2025, automotive took a 15.8% share. The study estimates that at least $965 million was invested in the sector, up 66% from the previous year. The final amount may be higher, the survey says, because some investments did not have their value disclosed.

In 2025, the number of Chinese investments in Brazil in sustainability and green energy, including hydropower, solar, wind and the electrified-vehicle industry, reached a record 31 projects, posting growth for the fifth consecutive year.

Although the number rose in absolute terms, these segments’ relative share of total projects fell to 60% from 69% in 2024. The loss of share, however, does not indicate lower interest in new green ventures, the survey says.

Instead, it reflected growth in investments in other sectors in 2025, mainly oil and mining.

Looking ahead, Cariello says Chinese investment in Brazil is expected to remain at relatively high levels by recent historical standards.