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China is seeking to broaden its economic activities in Brazil

Beijing wants to move beyond investments in traditional sectors and is looking at opportunities in emerging sectors such as green energy and telecommunications.

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Beijing wants to move beyond investments in traditional sectors and is looking at opportunities in emerging sectors such as green energy and telecommunications.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Beijing expressed interest in exploring new cooperation frontiers with Brazil at the latest meeting of the two nations joint high-level coordination and cooperation committee in Beijing, according to reports.

Chinese Vice Minister of Commerce Wang Shouwen indicated his country’s willingness to explore investment opportunities in new energy, the digital economy, 5G and other emerging sectors with Brazil.

Brazil, meanwhile, said it hoped to fully leverage the mechanisms of the joint committee, strengthen alignment between its New Growth Acceleration Program and China’s development plan, and increase exports to China.

[See more: BYD launches an electric car entirely manufactured in Brazil]

Brazil attaches great importance to the development of economic and trade cooperation with China, said Marcio Elias Rosa, Brazilian deputy minister and executive secretary of development, industry, commerce and services.

The South American nation welcomed further Chinese investment in both traditional and emerging sectors, Rosa added. Bilateral trade for the first 10 months of the year sits at over 1 trillion yuan, up 8.2 percent year-on-year. 

The two have also made major strides in their efforts to promote local currency settlement, moving from a memorandum signed in April to full-process, closed-loop transactions in both countries’ local currencies by October.

 

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