Chinese new-energy car maker BYD and telecom giant Huawei jointly unveil a driverless Skyrail system on Wed

SkyRail in Brazil 

China-based automaker BYD has obtained design approval for its first overseas autonomous monorail system in Salvador, the fourth-largest city in Brazil, said BYD.

The 23.28-kilometer project, with an estimated investment of 5 billion yuan ($719 million), will be a seaside straddle-type route. Construction is expected to begin early this year. Besides offering comfortable, low-carbon and efficient public transport, the SkyRail is expected to help attract new businesses and visitors to the area and aid the government's efforts to boost local employment and tourism, the company said.

XCMG's overseas bank

Banco XCMG SA, the first overseas bank of Xuzhou Construction Machinery Group (XCMG), China's leading construction machinery manufacturer, is expected to be set up in Sao Paulo, Brazil, chinanews.com reported on Tuesday.

The establishment of the first overseas bank of China's manufacturing industry shows that Chinese construction machinery companies have achieved a breakthrough in the integration of industry and finance in Brazil and created a milestone in the financial services sector in South America, said XCMG.