Xinhua News Agency, Beijing, March 25 (Reporter Wu Hao, Zhu Yilin, Zhang Zhuowen) From the appearance of Brazilian meat products across the sea on Chinese dining tables, to the “Made in China” rail train traveling through Sao Paulo, Brazil’s largest city; From the beautiful mountain power transmission project that runs through the north and south of Brazil to lighting up thousands of lights, to the inspection and customs clearance of cargo ships loaded with Brazilian coffee… In recent years, economic and trade cooperation between China and Brazil has ushered in rapid development, and has handed over a brilliant “transcript”.

In January of this year, a cargo ship loaded with corn imported from Brazil to China sailed from Santos Port in Brazil to Machong Port in Guangdong after more than a month’s voyage. In addition to corn, Brazil’s agricultural and livestock products such as soybeans, chicken, and sugar have already entered ordinary Chinese households through various channels.

The dividend of China’s high-level opening-up has brought more development opportunities to Brazilian enterprises. At the 5th China International Import Expo in 2022, the 300 square meter Brazilian pavilion showcased Chinese consumers with featured products such as beef, coffee, and propolis.

China has become Brazil’s largest trading partner for 14 consecutive years. Brazil is also the first Latin American country to break through 100 billion US dollars in trade with China. According to data from the General Administration of Customs of China, in 2022, the total import and export volume between China and Brazil reached 171.345 billion US dollars. China imported 54.4 million tons of soybeans and 1.105 million tons of frozen beef from Brazil, accounting for 59.72% and 41% of their respective total imports.

Wang Cheng’an, chief expert of the China Portuguese speaking Countries Research Center at the University of International Business and Economics, said that the economies of China and Brazil are highly complementary, and the demand for Brazil’s bulk products in the Chinese market is constantly expanding.

Zhou Zhiwei, Deputy Director of the International Relations Office of the Latin American Institute of the Chinese Academy of Social Sciences and Executive Director of the Brazilian Research Center, believes that the trade structure of agricultural products, mineral products, and oil “supported by three legs” will make the economic and trade cooperation between the two countries stable and sustainable.

In February of this year, the People’s Bank of China and the Central Bank of Brazil signed a memorandum of cooperation on establishing RMB clearing arrangements in Brazil. Zhou Zhiwei said that the signing of this memorandum of cooperation is expected to improve the efficiency of bilateral trade, offset external risks, and provide a more effective safeguard mechanism for bilateral economic and trade cooperation.

While bilateral trade between China and Pakistan has steadily developed, investment cooperation has also become increasingly active. China has already become an important source of direct investment for Brazil.