Brazilian President Michel Temer initiated his first foreign trip Friday as his nation’s full-fledged chief executive, participating in the Group of 20 meeting in China. In China, Temer met with Chinese President Xi Jinping and with other Chinese government and business leaders. Temer was accompanied by Finance Minister Henrique Meirelles and Foreign Minister José Serra. All three made a pitch for more Brazilian trade with China and more Chinese investment in Brazil. Meirelles told potential investors that Brazil was now on the road to a broad economic recovery, with growth approaching 2% next year and exceeding 2% in 2018, the last year of Temer’s term of office. Meirelles said Brazil’s government will launch an infrastructure investment program of some $269 billion over the next four years, heavily weighted toward privatizations, partnerships with private companies and sales of concessions to private investors. Separately, Serra said Brazil’s government was “certain” that China will want to participate in the concessions program. In other areas, Serra said China has signaled its openness to more Brazilian beef imports and purchases of Brazilian aircraft. He said China will undertake increased investments in Brazilian steel, agribusiness and transportation. Serra added that China has pledged to continue its policy of lending to Brazilian state-run oil company Petrobras.
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