Brazil's Temer in China amid push for investment

Markets Associated Press

Brazilian President Michel Temer is visiting China as his country seeks investments to shore up its flagging economy.

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Temer met with Chinese President Xi Jinping in Beijing on Friday ahead of next week's summit of BRICS nations in the southeastern Chinese city of Xiamen that also includes the leaders of Russia, India and South Africa.

Temer was greeted with full military honors by President Xi Jinping at the Great Hall of the People, the seat of the ceremonial legislature in the heart of Beijing.

In remarks at the start of their meeting, Xi noted that bilateral cooperation in trade, investment and finance has grown and pointed to new Chinese investment in Brazil in power, agriculture, infrastructure and other fields.

"The Brazil-China relationship has global strategic significance and the two countries should deepen their cooperation and proceed ahead in harmony," Xi said. "I fully concur with this and wish to endeavor with you to bring it to fruition."

Temer said before his departure that he saw China as a major investor in Brazilian airports, shipping terminals and other infrastructure.

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Brazilian officials have also said they hope for Chinese technology and financial backing to finish the country's third nuclear power plant.

Temer has been seeking ways to revive the economy and help save his embattled presidency. China is also a huge market for Brazilian food and natural resource exports.

Following their meeting, Temer and Xi presided over the signing of 14 agreements in areas including film production, football, hydropower and railways. No monetary value for the agreements was announced.