China promises big investment in Brazil

Brasilia

Chinese Prime Minister Li Keqiang headed to Brazil on Monday on a three-day visit with a promise of $50 billion in investment for creaking infrastructure as his hosts finalize preparations for next year's Rio Olympics.

Li, who was due to land late afternoon in the capital Brasilia, will hold talks Tuesday with President Dilma Rousseff, for whom the investment will be a major boon. Brazil's economy is battling a fifth straight year of poor growth and spiraling inflation.

Li will head for Rio on Tuesday evening to see some of China's investment in the city, which Brasilia supplanted as the capital in 1960 but which will in August next year welcome South America's first ever Olympic Games.