Chinese investors have poured nearly US$6.18 billion into Brazil in the first half of this year, the People’s Daily reports.

The Chinese Communist Party newspaper, citing the China-Brazil Business Council, says the sum is the equivalent of 73.5 percent of the amount Chinese invested in Brazil in the whole of last year.

The report says that last year Chinese companies invested in 16 projects in Brazil including in the country’s power grid and other infrastructure, the manufacturing of household appliances, finance, mining, steel and agriculture.

The newspaper quotes several people it describes as experts as saying Chinese investment has helped Brazil develop by creating jobs.