Brazil’s growing consumer markets and resource-rich economy make it impossible to ignore at the high tables of international business. Yet the country’s dynamic image hides an uncomfortable truth. None of its economic transformation of the past decade or so would have been possible without the rise of China.

Brazil’s democratic consolidation, social progress, and consensual commitment to economic stability may be deep-rooted and home-grown, but, without the turbo-charged economic expansion of China, its economic fortunes could not have improved as quickly. China matters to Brazil for two reasons.

First, its demand for iron ore and soya is fuelling the development of Brazil’s two biggest export sectors. The same could happen also with oil, as Brazil organises the exploitation of its giant offshore reserves.