1997, after the 15th National Congress of Communist Party of People’s Republic of China (PRC) launched the “Going Out” policy, its economic rise changed the global political and economic order. PRC needs energy, minerals and other raw materials to drive its rapid economic development and industrialization, therefore it expands to the distant Western Hemisphere, that is, the Latin America, known as the backyard of United States of America. PRC and Brazil are members of BRICS, both countries advocate “South-South Cooperation”, and promote it in Latin America. As a regional power, Brazil, has a relatively advanced industrial sector and modern technology, thus Brazil plays a fundamental role in establishing PRC’s influence in Latin America. The current Sino-Brazilian relations reflects on the close trade and economic interaction. While PRC is called “The World’s Factory”, meanwhile Brazil is considered “The World’s Raw Material Base”, besides their broad markets, the high degree of economic complementarity brings the potential economic cooperation and the further dimension to the partnership between two countries. In 2009, PRC started becoming the Brazil’s biggest trade partner, and in 2012, two countries upgraded their ties to the highest level “Sino-Brazilian Comprehensive Strategic Partnership”. This study analyzes Sino-Brazilian trade and economic relations in terms of trade, foreign direct investment (FDI) and finance from 2003 to 2016, viewd from the international political economy perspective. The study found that Sino-Brazilian trade and economic relations do not conform the South-South relations, but tend toward North-South relations.