China, Brazil pledge closer financial, agricultural cooperation in Beijing

The 12th China-Brazil Financial Subcommittee Meeting of the China-Brazil High-Level Coordination and Cooperation Committee (COSBAN) was held on Tuesday in Beijing, with both sides aiming to step up collaboration on finance, sustainable agriculture, and other key areas.

Discussions at the meeting covered a wide range of topics, including the global and bilateral macroeconomic landscape, cooperation on banking, insurance, capital markets, and trade finance, agricultural financing between China and Brazil, sustainable investment and financing, and multilateral financial cooperation.

China's Belt and Road Initiative has been increasingly aligned with Brazil's development strategy, with practical cooperation across various sectors deepening and upgrading in quality, Chinese Vice Finance Minister Liao Min said.

"The world has entered a new period of turbulence and change. China stands ready to work with Brazil to strengthen macroeconomic policy communication and coordination, deepen practical bilateral financial cooperation, enhance coordination and cooperation in multilateral mechanisms, and use its own economic growth and stability to address the uncertainties arising from global instability," said Liao.

Brazil values its cooperation with China and sees the bilateral partnership gaining strong momentum, Brazilian Vice Finance Minister Mathias Alencastro said. The two countries' financial authorities have kept good communication, and both sides have achieved enormous positive results in financial and economic cooperation.

Since the 11th meeting of the China-Brazil Financial Subcommittee last September, the two countries have made tangible progress in bilateral financial cooperation through the joint efforts of their financial authorities and institutions.

Looking ahead, both countries plan to further deepen cooperation in banking, insurance, and securities, make effective use of the agricultural financing working group under the subcommittee, and promote closer alignment between their financial institutions and market entities.

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, returned to Beijing on Tuesday afternoon after concluding his state visit to the Democratic People's Republic of Korea (DPRK).

Xi's entourage, including his wife Peng Liyuan, Cai Qi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee and director of the General Office of the CPC Central Committee, and Wang Yi, a member of the Political Bureau of the CPC Central Committee and Chinese foreign minister, returned on the same flight.