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China and Brazil to expand cooperation in production capacity and investment

Updated: May 15,2015 5:38 PM     Xinhua

Premier Li Keqiang’s upcoming official visit to Brazil will allow the two countries to boost cooperation in production capacity and investment for mutual benefit, says China’s ambassador to Brazil.

The Premier’s visit, which starts from May 18, and meeting with Brazilian President Dilma Rousseff should mark the beginning of a new stage in the development of bilateral relations, Ambassador Li Jinzhang told Xinhua in a recent interview.

This new stage in China-Brazil ties responds to the two nations’ common need to spur development amid challenges posed by the difficult global economy, he said.

The visit by the premier, who will be accompanied by a sizeable trade mission, comes less than a year after Chinese President Xi Jinping’s visit to Brazil, during which more than 50 bilateral accords were signed.

It carries major significance to the China-Brazil comprehensive strategic partnership, the ambassador noted.

“The main objective of this visit is to fully raise the level of cooperation between the two countries in various fields and promote interaction in development strategies with an eye to achieving mutual benefit,” he said.

During the premier’s visit, one of the main topics on the agenda will be expanding bilateral cooperation in production capacity and investment, which can turn into a new bright spot in bilateral ties, the senior diplomat added.

The two countries are expected to sign accords in such fields as politics, economy, trade, finance, agriculture and culture.

China, he said, has entered a more advanced stage of industrialization, which requires certain adjustments to its development process, a situation that has found complementarity in Brazil.

“Brazil is a very important emerging economy with great potential, having a vast territory and wealth of resources,” said the ambassador. “Having reached the end of the cycle of prosperity from commodities, Brazil is also facing the challenge of readjusting its economic development strategy.”

“I believe that in the future, the two countries are going to reinforce production capacity cooperation in such fields as infrastructure, logistics, energy, mining and manufacturing, based on mutual benefit and shared interests,” he added.

Among the cooperation projects Premier Li and Rousseff are set to review is a joint feasibility study for proposed construction of a railway connecting South America’s Atlantic and Pacific coasts via Brazil and Peru.

They will also discuss the renewal and extension of a 2010-2014 joint program of action for deepening bilateral cooperation.

In 2009, China became Brazil’s biggest trade partner, leading importer and top exporter, as well as the largest foreign direct investor.

During Xi’s visit last year, the accords signed amounted to 35 billion US dollars, said the ambassador, adding that the agreements to be inked during the premier’s upcoming visit should also reach a “very substantial” figure.

China and Brazil are also part of the BRICS bloc of emerging economies, along with Russia, India and South Africa, which has been working to democratize international lending institutions, noted the ambassador.

“China and Brazil also maintain close cooperation in multilateral financial organizations, such as the International Monetary Fund and the World Bank, to establish a more just ... world order,” he said.

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