China, Brazil can be models of ‘self-reliance' for Global South, Xi says
In a phone call on Monday, Xi told Brazilian President Luiz Inacio Lula da Silva that China was ready to work with Brazil to be a model for other countries and build a 'more just world and a more sustainable planet', the state-run Xinhua news agency said.
Xi told Lula that China-Brazil ties were 'at their best in history' and the 'alignment' of the two countries' development strategies was making 'smooth progress', Xinhua reported.
'Xi also said that China backs the Brazilian people in defending their national sovereignty and supports Brazil in safeguarding its legitimate rights and interests, urging all countries to unite in resolutely fighting against unilateralism and protectionism,' Xinhua said.
Lula's office said the two leaders agreed on the role of the Group of 20 and BRICS in 'defending multilateralism', discussed efforts to negotiate peace between Russia and Ukraine, and committed to expanding cooperation to sectors such as health, oil and gas, the digital economy and satellites.
'Both presidents also emphasised their willingness to continue identifying new business opportunities between the two economies,' Lula's office said.
Lula also reiterated the importance of China for the success of the COP30 world climate conference in November in Belem, Brazil, his office said.
The two leaders held the discussion as United States President Donald Trump's trade salvoes are spurring calls for greater cooperation among emerging economies, including China and Brazil.
In an interview with the Reuters news agency last week, Lula said he planned to contact the leaders of the 10-member BRICS group, which includes India and China, to discuss the possibility of a coordinated response to US tariffs.
Trump last month announced a 50 percent tariff on Brazilian goods, and on Monday he signed an executive order extending a pause on a 145 percent tariff on Chinese goods until November.
China surpassed the US as Brazil's largest trading partner in 2009, with two-way trade last year reaching $188.17bn.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Jazeera
9 hours ago
- Al Jazeera
US sanctions Brazil health officials over Cuba's overseas medical missions
The United States has announced it is revoking the visas of Brazilian, African and Caribbean officials over their ties to Cuba's programme that sends doctors abroad, which Washington has described as 'forced labour'. The US named two Brazilian Ministry of Health officials, Mozart Julio Tabosa Sales and Alberto Kleiman, who have had their visas revoked for working on Brazil's Mais Medicos, or 'More Doctors' programme, which was created in 2013. In a statement on Wednesday, US Secretary of State Marco Rubio said sanctions were imposed on officials 'involved in abetting the Cuban regime's coercive labour export scheme', which he claimed 'enriches the corrupt Cuban regime and deprives the Cuban people of essential medical care'. 'The Department of State took steps to revoke visas and impose visa restrictions on several Brazilian government officials, former Pan American Health Organization (PAHO) officials, and their family members for their complicity with the Cuban regime's labour export scheme in the Mais Medicos programme,' Rubio said. In an earlier statement, Rubio also announced visa restrictions for African officials, without specifying the countries involved, as well as the Caribbean country Grenada, for the same reasons. The Cuban government has called Washington's efforts to stop its medical missions a cynical excuse to go after its foreign currency earnings. Cuba's deputy director of US affairs, Johana Tablada, said its 'medical cooperation will continue'. '[Rubio's] priorities speak volumes: financing Israel genocide on Palestine, torturing Cuba, going after health care services for those who need them most,' Tablada wrote on X. Cuba's international missions are sold to third countries and serve as a main source of foreign currency for the economically isolated nation, which has been subject to decades-long crippling sanctions by the US. Havana's international medical outreach goes back to the years following the 1959 Cuban Revolution, as Fidel Castro's communist government provided a free or low-cost medical programme to developing nations as an act of international solidarity. It is estimated that Havana has sent between 135,000 and 400,000 Cuban doctors abroad in total over the past five decades. Brazilian Minister of Health Alexandre Padilha said his government would not bow to what he called 'unreasonable attacks' on Mais Medicos. Cuba's contract in the programme was terminated in 2018 after then-President-elect Jair Bolsonaro questioned the terms of the agreement and Cuban doctors' qualifications. Washington is already engaged in a heated diplomatic row with President Luiz Inacio Lula da Silva's government after imposing sanctions on Brazilian officials involved in Bolsonaro's ongoing trial over his alleged coup plot in 2022. Cuba's healthcare system is public and meant to be universally accessible. But decades of sanctions and a downturn in tourism due to Trump's travel ban mean the one-party state is no longer medically self-sufficient. Since returning to the White House, the Trump administration has resumed its 'maximum pressure' campaign against Cuba that typified his first term. Last year, the island nation of 9.7 million people could not afford the $300m needed to import raw materials to produce hundreds of critical medicines. In July, Trump imposed sanctions against Cuban President Miguel Diaz-Canel, Minister of the Revolutionary Armed Forces Alvaro Lopez Miera, and Minister of the Interior Lazaro Alberto Alvarez Casas for their 'role in the Cuban regime's brutality toward the Cuban people'. Earlier, the Trump administration also signalled its intention to tighten visa restrictions on Cuban and foreign officials linked to Havana's medical missions around the globe. Rubio described the medical programme as one where 'medical professionals are 'rented' by other countries at high prices', but 'most of the revenue is kept by the Cuban authorities'. In 1999, after Hugo Chavez's Bolivarian revolution in Venezuela, Cuba sent medical staff and educators to the country. In return, Cuba bought Venezuelan oil at below-market prices, developing the idea of Havana exporting medical professionals as a source of revenue. Some 30,000 Cuban medical workers were sent to Venezuela in the first 10 years of the 'Oil for Doctors' programme. Cuba later received hard currency to set up permanent medical missions in countries including South Africa, Brazil, Ecuador and Qatar.
Qatar Tribune
12 hours ago
- Qatar Tribune
China targets 2 EU banks in response to new sanctions
Agencies China announced countermeasures on Wednesday and imposed sanctions on two banks in the European Union, in retaliation for the bloc including two Chinese financial institutions in its latest round of sanctions against Russia. Effective immediately, Lithuanian banks UAB Urbo Bankas and AB Mano Bankas are banned from carrying out transactions and cooperation with organizations and individuals within China, according to a statement from the Ministry of Commerce. 'We hope that the EU will cherish the long-term good cooperative relations formed between China and the EU and its member states in the fields of economy, trade and finance,' the ministry said in a separate statement. It also called on the EU to 'correct wrongdoings' and stop harming China's interests and undermining China-EU cooperation. The EU's sanctions against Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank were implemented from Aug. 9, its document showed. China has previously said the EU's accusations against the two banks were 'groundless.' The EU's move to add Chinese firms to its Russia sanctions package in July has become a point of contention as ties between the bloc and the world's second-largest economy remain rocky. European Commission President Ursula von der Leyen said trade ties have hit a 'clear inflection point' after a summit with top Chinese leaders in Beijing last month. Discussions highlighted concerns on commerce, but the EU had also pressed China to discourage Russia in its war against Ukraine during the meeting.
Qatar Tribune
13 hours ago
- Qatar Tribune
China's bank loans unexpectedly contract for first time in 20 years
Agencies China's new yuan loans contracted in July for the first time in 20 years as the economy struggled, falling well short of analysts' forecasts, but improvements in broader credit growth suggest the central bank is in no rush to ease policy. While new loans typically fall in July after strong gains in June when banks strive to meet quarterly targets, the latest reading was well below even the most pessimistic analyst's forecasts, pointing to weak private sector demand as Beijing tries to negotiate a durable trade deal with Washington. 'The July credit data was weak, but money supply exceeded expectations, reflecting the impact of last year's low base and debt resolution efforts,' said Xing Zhaopeng, senior China strategist at ANZ. 'At present, monetary policy has entered a period of observation, and a rate cut is unlikely in the short term. From the perspective of liquidity needs, a reserve requirement ratio (RRR) cut could also be delayed. Structural monetary policy remains the main tool for easing.' New yuan loans contracted by 50 billion yuan ($6.97 billion) in July, falling well short of analysts' forecasts and plunging from 2.24 trillion yuan in June, according to Reuters calculations based on data released by the People's Bank of China. That marked the first contraction since July 2005 and the largest monthly decline since December 1999, according to central bank data. Analysts polled by Reuters had expected new yuan loans last month to reach 300 billion yuan, compared with 260 billion yuan a year ago. Along with seasonal trends which buoyed June's tally, credit demand also had rebounded sharply that month as sentiment improved following rounds of trade talks in Europe and a tentative easing of trade tensions with the US. The central bank does not provide monthly breakdowns. Reuters calculated the July figures based on the PBOC's January-July data released on Wednesday, compared with the January-June figure. In the first seven months of the year, banks extended 12.87 trillion yuan in new loans, versus 12.92 trillion yuan in January-June, implying a net reduction of 50 billion yuan in July. Banks issued 13.53 trillion yuan in new loans in the same period last year. Household loans contracted 489.3 billion yuan in July, versus a rise of 597.6 billion yuan in June, according to Reuters calculations, as a prolonged property market crisis showed no signs of easing. Corporate loans plunged to 60 billion yuan from 1.77 trillion yuan in June. The PBOC release did not give any explanations for changes in credit trends. China's economy slowed less than expected in the second quarter due in part to policy support and as factories took advantage of a US-China trade truce to front-load shipments. But analysts warn the second half will be tougher as weak domestic demand, the property slump and rising global trade risks ramp up pressure on Beijing. The United States and China agreed early this week to extended their tariff truce for another 90 days, staving off triple-digit duties on each other's goods, but business confidence remains fragile, with some factories cutting selling prices, shifts and workers' pay. On Tuesday, China announced it would offer interest rate subsidies for businesses in eight consumer service sectors, as well as for individual consumers. Eligible businesses and consumers can receive an annual interest subsidy of one percentage point on loans. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing.
