Brazil’s Ambassador to China, Marcos Caramuru de Paiva, says the emergence of mainland-based financial groups offered something “totally new” to Sino-Brazilian economic ties and opens the door to further co-operation, Lusa reports.

“There will be more co-operation in the industry and services sectors; [they would be] smaller operations, but capable of generating new forms of integration between companies,” Mr de Paiva was quoted as saying by the Portuguese news agency.

Mr de Paiva said new players in the market would “create partnerships, fusions and associations between Brazilian and Chinese companies, in an efficient way”.

Mr de Paiva, who was named the top Brazilian diplomat to the mainland in June, cited the Fosun International Ltd. buyout of Brazilian investment company Rio Bravo. He added that Haitong International Securities Co. Ltd. was guaranteed “a very strong presence in Brazil” through its purchase of Portugal’s Banco Espírito Santo de Investimento, which has assets in Brazil.