Brazilian Deputy Finance Minister Luo Xidan: Unlimited Opportunities in the Field of Economic and Financial Cooperation between China and Pakistan

On March 19th, the first China Brazil Financial Forum under the Finance and Economics Sub Committee of the China Brazil High Level Coordination and Cooperation Committee was held in Beijing.
This forum is a supporting event for the 10th meeting of the China Pakistan Finance and Economics Sub Committee. Representatives from 20 financial institutions and enterprises, including the New Development Bank, Asian Infrastructure Investment Bank, Industrial and Commercial Bank of China, and Bank of Brazil, attended the forum to engage in in-depth exchanges on topics such as strengthening local currency payment cooperation, promoting green financing, and strengthening infrastructure investment and financing cooperation.
Vice Minister of Finance of China, Liao Min, stated in his speech that China is willing to work together with Pakistan to deepen bilateral financial cooperation along the direction determined by the two heads of state, empower high-quality development of China Pakistan's economic and trade investment, and continuously push China Pakistan relations to a new level.
Brazilian Deputy Minister of Finance, Rohdan, stated that there is enormous potential for economic cooperation between China and Brazil, and he will continue to promote the deepening of financial cooperation between the two sides.
"The capital markets of China and Brazil have enormous development potential, and both sides have unlimited opportunities in the field of economic and financial cooperation. Currently, the Chinese economy is recovering and Brazil is committed to energy transformation, and there is a huge intersection of interests in investment flows between the two countries." Luo Xidan said in an interview with People's Daily.
Luo Xidan believes that expanding the use of local currency will help further strengthen bilateral cooperation. She pointed out that in 2023, the local currency settlement cooperation between China and Pakistan has made positive progress. The use of RMB in Brazil has significantly increased, and some Brazilian banks have joined the Chinese RMB cross-border payment system. "It is understood that the Chinese yuan is currently the eighth largest trading currency in Brazil's foreign exchange settlement, with a trend of rising to fourth or fifth place."
This year marks the 50th anniversary of the establishment of diplomatic relations between China and Pakistan. Luo Xidan expressed his hope to include more financial institutions in the operation mechanism of the China Pakistan Capacity Expansion Cooperation Fund in the future. "The fund is crucial for investment growth, especially in areas such as sustainable development, green infrastructure, electric vehicles, batteries, and related industrial chains."
It is reported that in June this year, the China Brazil High Level Coordination and Cooperation Committee (COSBAN) meeting will be held in Beijing.
This forum is held in preparation for the seventh plenary session of COSBAN.