Brazil proposes that China buy Brazilian treasury bonds

27 March 2006

Beijing, China, 27 March – Brazilian vice president José Alencar proposed to the Chinese government Friday in Beijing that it buy Brazilian treasury bonds, during the inauguration ceremony of the Chinese-Brazilian HIgh-Level Coordination Commission (COSBAN).

Alencar also said that Brazil would like to see greater Chinese investment in the infrastructure, electronic components, bioenergy and general agricultural sectors.

Alencar, who also met with Chinese president Hu Jintao, also mentioned the revision of the working rules of the International Monetary Fund (IMF) and the World Bank, saying that Brazil and China should “coordinate their positions for the reform of multilateral financial institutions.”

Brazil’s vice-president also backed-up the statement by Brazilian president Luís Inácio Lula da Silva, saying that “relations with China are one of the priorities of Brazilian foreign policy.”

Brazil is China’s largest trading partner Latin America, with bilateral trade reaching 12.16 billion euros in 2005, according to official Chinese figures.

Brazil exports mostly raw materials to China, and iron ore, soy, soy oil and steel working products make up the greatest portion of exports. (macauhub)