Beijing’s investment in the region is shifting from oil and other commodities to services Latin America’s commodities boom has faded, and with it has gone much of the Chinese oil financing that fuelled the good times. In the decade before the 2014 oil-price crash, Beijing pumped tens of billions of dollars into the region through oil-backed loans and direct investment in major oil and gas projects from its state-owned oil companies. Last year, the only major oil-related deal in the region from Beijing was a $5bn oil-backed loan from the China Development Bank to Brazil’s Petrobras. The state-owned company has relied heavily on Chinese financing since the sprawling Carwash (Lavo Jato) corruption scandal made it more difficult and costly for Petrobras to access international capital. Petrobras aside, there has been a clear retreat from oil-focused deals in Latin America as Beijing shifts the focus of its investments abroad. China’s […]