On June 9, Chinese Vice Finance Minister Liao Min and Brazilian Vice Finance Minister Mathias Alencastro co-chaired the 12th China-Brazil Financial Subcommittee Meeting of the China-Brazil High-Level Coordination and Cooperation Committee (COSBAN) in Beijing. The meeting was convened to implement the important consensus reached by the two heads of state, harness their respective strengths, deliver more tangible outcomes in financial and economic cooperation, and make positive contributions to the sustained deepening of the China-Brazil community with a shared future.

Liao said that under the strategic guidance of Chinese President Xi Jinping and Brazilian President Lula, China-Brazil relations have achieved a milestone leap from a comprehensive strategic partnership to a community with a shared future. The alignment of China’s Belt and Road Initiative with Brazil’s development strategies has been continuously deepened and promoted, with practical cooperation across various sectors being upgraded and enhanced. The world has currently entered a new period of turbulence and transformation, where the challenges confronting developing countries are particularly acute. China stands ready to work with Brazil to strengthen macroeconomic policy communication and coordination, deepen practical financial and economic cooperation, strengthen multilateral coordination and cooperation, and bring greater certainty into a turbulent world through the stable growth of both economies.

Alencastro said that Brazil highly values cooperation with China, and that bilateral ties have developed steadily. Under the financial subcommittee of the COSBAN, economic and financial institutions of both sides have maintained sound communication and achieved tangible results. Amid global uncertainties, Brazil is ready to deepen mutual trust and pursue win-win cooperation with China, expand cooperation in sustainable agriculture, green transition and future economy, and strengthen multilateral coordination to elevate bilateral financial and economic cooperation.

During the meeting, there were in-depth discussions on topics including global and China-Brazil macroeconomic situation, cooperation in banking, insurance, capital markets and trade financing, China-Brazil agricultural financing cooperation, cooperation on sustainable financing and investment, and cooperation on multilateral economic and financial development. Officials from the financial and economic departments of both countries attended the meeting.

It was acknowledged during the meeting that since the 11th China-Brazil Financial Subcommittee Meeting in September 2025, multiple tangible outcomes have been achieved in the bilateral financial and economic sectors through the joint efforts of the economic and financial authorities and financial institutions of both countries. Going forward, the two sides will continue to deepen cooperation in the banking, insurance and securities sectors, give full play to the role of the China-Brazil Agricultural Financing Cooperation Working Group under the Financial Subcommittee, and promote in-depth engagement between financial institutions and market players of the two countries.

The meeting recognized that China and Brazil are important members of the Global South. The two sides will continue to deepen exchanges and cooperation under the G20 Finance Track and BRICS, and work together to advance the reform of the global economic governance system. Both sides are committed to supporting the Asian Infrastructure Investment Bank and the New Development Bank to promote infrastructure construction and sustainable development in Global South countries.

During the 12th China-Brazil Financial Subcommittee Meeting, the 3rd China-Brazil Financial Cooperation Forum was held in Beijing, where Liao and Alencastro jointly attended the forum and delivered remarks. Representatives from government departments, financial institutions and enterprises of both China and Brazil participated in the forum. Participants had in-depth discussions on topics including cross-border financing cooperation, green finance, agricultural financing cooperation, as well as digital and smart empowerment.