China and Brazil has decided to hold an annual dialogue between the finance ministries of the two countries in an effort to boost bilateral economic cooperation, China's finance ministry said Friday.

Under a memorandum of understanding signed Thursday by Chinese and Brazilian finance officials, ministers or deputy ministers of finance of the two countries will meet once a year, the Chinese ministry said in a statement.

According to the memorandum, other government departments may be invited to join the meeting of finance ministers if necessary.

The topics of discussion will include the macro-economic situation in the two countries, their fiscal policies, financial reform and cooperation in the international financial sector, according to the document.

The Chinese Ministry of Finance did not indicate when the first meeting will take place.

China and Brazil are globally significant and their economies share a sound basis for cooperation, according to the memo.

Strengthening bilateral dialogue is not only conducive to the development of China and Brazil's strategic partnership, but is also important to the stability and development of the world economy, said the memo.

China has also decided to hold annual dialogues on finance with Germany, Britain, Russia and other countries.

Source: Xinhua