Brazilian President Luiz Inacio Lula da Silva on Tuesday invited Chinese banks and investors to visit his country to work together to tackle the global financial crisis.
"Brazil and China should not be afraid of each other, instead, we could cement exchange and dialogue as big countries and major trade partners," Lula told a business seminar in Beijing during the second day of his China tour.
The head of state lauded the cooperation between Brazil and China, the largest developing countries in the southern and northern hemisphere. A strategic partnership between the two countries was established in 1993.
From 2006 to 2008, bilateral trade surged at an average annual growth of 50 percent and China replaced the United States as Brazil's top trade partner last month.
Chinese Vice Premier Zhang Dejiang (4th R) and Brazilian President Luiz Inacio Lula da Silva (4th L) attend a seminar on the new opportunities of the China-Brazil strategic partnership, in Beijing, capital of China, May 19, 2009. A seminar on the new opportunities of the China-Brazil strategic partnership was held in Beijing May 19. (Xinhua Photo) "The monthly statistics could be different, but it is of great significance and is indicating a momentum," said Chen Jiaying, a research fellow of the Beijing-based Xinhua Center for World Affairs Studies.
The two-way investment, however, was lagging behind the soaring trade growth as Chinese investment in Brazil totaled at 100 million U.S. dollars and Brazilian investment in China at 300 million U.S. dollars from 2002 to 2008, according to Brazilian official figures.
Lula said the developing countries were enhancing cooperation among them and could offer opportunities for the richer states and the recovery of world economy.
Brazil and China could boost cooperation in such sectors as science and technology, aviation, agriculture, oil and sea drilling, and trade of meat, Lula said.
Chinese Vice Premier Zhang Dejiang, at the same occasion, briefed Lula on China's economic stimulation efforts, saying the country will strive for a steady and fast economic growth amid the crisis.
"If necessary, China will take further and proactive steps to cope with the global financial crisis," Zhang said.
Chinese Vice Premier Zhang Dejiang (R) meets with Brazilian President Luiz Inacio Lula da Silva prior to a seminar on the new opportunities of the China-Brazil strategic partnership, in Beijing, capital of China, May 19, 2009. A seminar on the new opportunities of the China-Brazil strategic partnership was held in Beijing May 19. (Xinhua Photo) China has pledged to realize an eight percent economic growth rate in 2009, a slight slowdown from the two-digit growth in recent years.
Zhang spoke highly of the cooperation between China and Brazil in such sectors as energy, mine and finance, and suggested the two states boost trade and two-way investment as well as coordination on the international arena.
"Especially on world economic affairs, China and Brazil could jointly preserve the stability of global financial market, promote the reform on international financial institutes and strengthen the representation and say of developing countries," Zhang said.
As members of the BRIC, an acronym refers to the fast growing economies of Brazil, Russia, India and China, Beijing is now the top holder of U.S. treasury and Brazil has taken the seventh place.
Lula and his Chinese counterpart Hu Jintao were also in the spotlight during the Group of 20 summit last Month in London, where top leaders of major world economies were gathering for surviving the financial crisis.
Source: Xinhua
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