A delegation headed by Yang Zhenwu, President of People's Daily, visited the famous Brazilian think tank the Brazilian Economic Institute of Getulio Vargas Foundation, and took part in the Dialogue on China-Brazilian Cooperation in Rio de Janeiro on June 17, 2015.

In a keynote speech on China's economic "new normal" during the dialogue, Yang identified four features of the "new normal" - economic growth at a relatively high rate, optimized economic structure, new engines of economic growth, and further economic challenges.

Yang elaborated on the four features in his speech. With the potential growth rate falling, and with mounting pressure on resources and the environment, China can no longer maintain the two-digit economic growth of the past, but is nevertheless choosing to keep economic growth at a relatively high rate. In terms of transforming the economic structure, China will see an evolution from an industry-oriented economy to a service-oriented economy. In addition, Scientific and Technological innovations should be the new engine of economic growth. Moreover, China should steady its economic growth while keeping control over such risks as high leverage and economic bubbles.

In his speech Yang made specific reference to the influence of China's economic "new normal" on bilateral economic trade and cooperation.

In the "new normal" era, China is seeing the accelerating development of a new type of urbanization, and an upgrading of the structure of consumption, providing a broader market for Brazil's quality bulk commodities including agricultural products. This new era features transformation and upgrading in China's manufacturing industry and the rise in high and new technology industries, promoting infrastructure building and "re-industrialization" in Brazil.

As China will maintain the policy of utilizing foreign investment in the "new normal" era, there will be greater investment opportunities and a better business environment in China. Meanwhile, Brazil will see more investment from Chinese enterprises under the national strategy of "going global".

“China is the biggest developing country in the Eastern Hemisphere and Brazil the biggest in the Western Hemisphere. Enhancing mutual trust, mutual learning and mutual benefit, the two nations provide an example to emerging market economies of two countries treating each other as equal partners and helping each other to advance,” he said.

“In the ‘new normal’ era, China and Brazil should accentuate their extensive, higher-level and pragmatic cooperation, and join hands to overcome difficulties, press forward with mutual development, and speed up the global economic recovery, “ Yang added.