Liao Min stated that China and Brazil are the largest developing countries in the eastern and western hemispheres respectively. Under the strategic guidance of Chinese President Xi Jinping and Brazilian President Lula, the two nations are working together to promote the building of a community with a shared future for a more just world and a more sustainable planet, and are promoting the alignment of the Belt and Road Initiative with Brazil’s development strategies. Recently, President Xi Jinping proposed the Global Governance Initiative, contributing China’s wisdom and solutions to strengthening and improving global governance. China is willing to work with Brazil to implement the Global Governance Initiative, share development opportunities with countries around the world including Brazil, and pool strengths for development to better benefit the people of all nations.

Tatiana Rosito noted that President Lula attaches great importance to Brazil-China relations. In May this year, President Lula visited China again and reached numerous consensuses with President Xi Jinping, further enriching the connotation of Brazil-China relations in the new era from a new historical starting point. Since its establishment in 2010, COSBAN has made great contributions to promoting financial cooperation between the two countries. Brazil is willing to work with China to deepen bilateral and multilateral financial cooperation, improve the global economic governance, and facilitate Brazil-China economic and trade cooperation through practical financial collaboration.

The meeting featured in-depth discussions on topics including the strategic economic outlook, bilateral financial cooperation, cooperation on sustainable and climate finance, as well as cooperation on multilateral economic issues. Officials from the financial departments of both countries attended the meeting.

The meeting acknowledged that since the 10th China-Brazil Financial Subcommittee Meeting last year, thanks to the joint efforts of the financial authorities and institutions from both countries, multiple concrete outcomes of financial cooperation have been achieved and commended by both parties. To further implement the consensus reached by the two heads of state and enhance China-Brazil financial collaboration, both sides should strengthen communication and coordination on macroeconomic policies, deepen regulatory cooperation in the banking, securities, and insurance sectors, and foster operational collaboration between financial markets, thereby translating the potential for collaboration into more concrete results. Both sides agreed to develop a work plan and roadmap for the China-Brazil Financial Subcommittee based on the meeting’s consensus, periodically review progress, and advance the implementation of cooperation plans. This will ensure that the financial sector contributes to the policy and outcome preparations for the 8th Meeting of the COSBAN to be held next year.

The meeting emphasized that in the context of an increasingly turbulent and transformative global political and economic landscape, both sides should continue to strengthen cooperation under the G20 and BRICS finance track and in multilateral development banks, such as the World Bank, the Asian Infrastructure Investment Bank (AIIB), and the New Development Bank (NDB). Both sides are committed to jointly enhancing the voice and representativeness of emerging markets and developing countries while fostering solidarity and cooperation of the Global South.

During the 11th China-Brazil Financial Subcommittee Meeting, the Second China-Brazil Financial Cooperation Forum was held in Sao Paulo. Vice Minister Liao and Vice Minister Rosito jointly attended the Forum and delivered remarks. The representatives from government departments and agencies, financial institutions, and enterprises of both China and Brazil participated in the Forum. Participants had in in-depth discussions on the topics including financial regulation and market opportunities, local currency use and financial market connectivity, as well as private capital and climate financing.

Additionally, Vice Minister Liao and Vice Minister Rosito held a thematic meeting on China-Brazil agricultural financial cooperation with representatives from the Ministry of Agriculture of Brazil, exploring how to enhance practical collaborations in the production and trade of agricultural products, such as soybean, coffee, and citrus, by strengthening financial cooperation between the two countries.