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Chinese, Brazilian presidents vow to enhance cooperation in coping with financial crisis
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16:19, November 16, 2008

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Chinese President Hu Jintao and his Brazilian counterpart Luiz Inacio Lula da Silva met here Saturday, and both sides agreed to enhance cooperation in coping with the global financial crisis.

The Group of 20 summit on financial markets and world economy held here earlier in the day was a success thanks to joint efforts of all sides, Hu said.

The declaration issued at the summit is a comprehensive, positive and balanced document, which not only proposes measures to curb the further spread of the financial crisis, but also puts forward ideas for reform of the international financial system, he noted.

Hu hoped the summit would be a good beginning and help boost the confidence of all peoples in the world to cope with the crisis.

As the interests of all countries in the world are becoming increasingly interrelated, they need to work together for solutions, Hu said.

Hu expressed the hope that all participating parties at the summit would adopt effective measures to check the spread of the financial crisis, avoid a global economic recession, and push ahead with the necessary reform of the international financial system.

Lula expressed satisfaction with the results of the summit and said it will help the international community enhance confidence.

Lula praised China's important role at the summit, as well as the country's efforts to expand domestic demand and promote economic growth.

He hoped the two countries would enhance cooperation in coping with the financial crisis.

Hu said fresh progress has been made in bilateral ties this year, marked by frequent high-level contacts, deepening mutual political trust, increased trade and economic cooperation, growth in mutual investments by companies of the two countries, as well as closer technological cooperation and cultural exchanges.

He said both sides should strive for swifter implementation of the consensus reached by the top leaders of the two countries, and make tangible efforts to promote further development of the bilateral strategic partnership and pragmatic cooperation in trade and economy.

The Chinese president said strengthening communication and cooperation in international affairs serves the interests of both nations and is also conducive to better protecting the interests of the developing countries as a whole.

Lula said there has been remarkable growth in the China-Brazil strategic partnership and close cooperation has been established in various areas, he said, adding that there are huge potentials for such cooperation.

Hu and Lula also discussed issues related to the Doha Round of trade negotiations.

Hu said the Doha Round negotiations have entered a crucial stage and the key to the success of the talks is political will on the part of all parties concerned to further improve the multilateral trade system.

China is ready to work with Brazil to push for progress at the talks, he said.

Lula said the Doha Round negotiations now face important opportunities and some concerned countries should display flexibility in efforts to reach agreement.

At the invitation of U.S. President George W. Bush, President Hu arrived here Friday afternoon. On Saturday, Hu attended the G-20 summit.

Source: Xinhua

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