FINWIRE®

Brazilian President Lula Meets with His Chinese Counterpart Hu Jintao

May 22nd, 2009

Chinese President Hu Jintao met with his Brazilian counterpart Luiz Inacio Lula da Silva in London.

The two heads of state had an in-depth exchange of views on developing bilateral ties and pushing for the implementation of outcome reached at the Group of 20 financial summit in London.

The Chinese president said the Chinese-Brazilian relations have got off to a good start thanks to the joint efforts of both sides, and breakthroughs in cooperation have been made in such areas as oil, infrastructure construction and finance.

The two countries have also conducted communication and coordination in international affairs, including the fight against the international financial crisis, Hu said.

“The Chinese-Brazilian relations are growing in global influence as the current international situation is undergoing profound and complicated changes,” Hu said.

Both sides shoulder greater common responsibility and have broader space for cooperation.

Hu said China will work with Brazil to seize the opportunities, continue to implement the bilateral consensus, and give priorities to the following three aspects in promoting the strategic partnership with Brazil.

First, both sides should soundly carry out high-level exchanges. The Chinese side welcomes Lula to pay a state visit to China again next month, Hu said.

He expressed hope that both sides will cooperate closely and ensure the success of the visit. China will work with Brazil to start drafting “a joint action plan” as soon as possible, which will guide bilateral cooperation in various fields, he added.
Second, both sides should make efforts to push forward trade and economic cooperation, which is of great significance in addressing the current financial crisis, said the president.

Both countries should continue working on major joint projects on natural gas pipelines, thermal power station and regional aircraft, and establish strategic cooperation in the energy sector, he said.

Potentials for cooperation should be further tapped, and cooperation fields should be expanded so as to promote the sustained, sound and steady growth of economic and trade relations, he added.

Third, the two countries should conduct closer multilateral cooperation, Hu said, adding that China is ready to strengthen communication and coordination with Brazil within such frameworks as the BRIC nations, the five developing nations and the G20, and conduct strategic cooperation in major issues such as fighting the global financial crisis, addressing climate change and achieving the UN Millennium Development Goals.

As the international financial crisis is still spreading and deepening, the international community should continue cooperation to jointly confront the challenges and contain the negative impact of the global financial crisis, Hu said.

China and Brazil have taken a positive and responsible attitude in fighting the crisis, adjusting macroeconomic policies in a timely manner and taking the expansion of domestic demand as a fundamental foothold to promote economic growth.

Positive achievements have been made in this regard. Both countries should and can make contributions to safeguarding global financial market stability and restoring world economic growth, he said.

At the second Group of 20 (G20) financial summit in London, the leaders reached important consensus on strengthening coordination of macroeconomic policies, stabilizing global financial markets and reforming the international financial system.

It indicates the resolve of the G20 leaders to join hands in overcoming current difficulties and is of great realistic significance to boosting confidence of the market and the people and striving for the recovery of the world economic growth.

Hu said China and Brazil have conducted close cooperation at the financial summits both in Washington last year and in London this time, making important efforts to promote reforms of the international financial system and secure a bigger say for developing countries in the decision-making process in international economic and financial affairs.

“China will continue to strengthen cooperation with Brazil in this regard,” said Hu.

Lula said he is looking forward to visiting China and believes this visit will be a good opportunity for furthering bilateral relations, especially trade ties.

He said China has made major contributions to the success of this financial summit, during which both developed and developing countries agreed to push forward the Doha round of world trade talks, pledged opposition against trade protectionism and sent positive signals to the international community.

Lula said both Brazil and China have made great efforts to overcome the crisis and taken stimulus measures to revive the economic growth.

Brazil appreciates China’s efforts to maintain economic growth. He said as the global financial crisis is still spreading, the two countries should expand bilateral economic and trade cooperation and push for an early recovery of the world economy.

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