In Shanghai, Brazilian President Luiz Inacio Lula had proclaimed the day before that Brazil was "back on the international scene", wanting to turn the page of isolation under the presidency of his far-right predecessor Jair Bolsonaro.

President Lula, who on Thursday criticized the ubiquity of the U.S. dollar, also said deepening his country's relations with China is non-negotiable.

Huawei has a strong presence in Brazil, unlike the United States where companies are not allowed to deal with the Chinese giant.

For his part, President Xi told his Brazilian counterpart that China regards relations between their countries as a high diplomatic priority, according to a statement from the Chinese Foreign Ministry.

In addition, the two leaders called on developed countries to fulfill their promise to provide $100 billion a year to the poorest countries to combat the effects of climate change.

"We continue to be very concerned that climate finance from developed countries is still falling short of the $100 billion per year commitment, as it has every year since the target was set in 2009," the statement said.

Trade between China and Brazil © Janis LATVELS / AFP

"We urge developed countries to honour their unmet climate finance obligations," it added.

China also promised "new opportunities" for Brazil and the world on Friday.

"China will pursue high-quality development, accelerate the creation of a new development paradigm and engage in promoting high-level opening-up," the Foreign Ministry said.

The 77-year-old left-wing Brazilian leader, who attended the inauguration of former Brazilian President Dilma Rousseff as head of the Shanghai-based BRICS bank, took the opportunity Thursday to castigate the International Monetary Fund (IMF), which he accused of "asphyxiating the economies of countries like Argentina".

The BRICS are a group of emerging countries that brings together Brazil, China, India, Russia and South Africa, founded in 2006, during Lula's first stint as president (2003-2010).

"No leader can work with a knife to his throat because he is in debt," the former trade unionist said.

Chinese President Xi Jinping welcomes his Brazilian counterpart Luiz Inacio Lula da Silva (L) in Beijing, April 14, 2023 © Ken Ishii / POOL / AFP

The head of state of Latin America's largest economy also lamented that the US dollar is still used for most international trade.

"Today, a country has to get dollars to export when it could do it in its own currency," he added.

- Calls for negotiations on Ukraine -

At the end of March, at an economic forum bringing together several dozen Brazilian bosses in China, the two countries reached an agreement that their exchanges can be carried out in their own currency, without using the dollar.

Two banks - one from each country - have been designated to carry out foreign exchange transactions that will allow the exporter to receive in his currency a payment made by the importer in his home currency.

Brazilian President Luiz Inacio Lula da Silva on an official visit to Beijing, on April 14, 2023 in China © Ricardo STUCKERT / Brazilian Presidency / AFP

Regarding the Russian invasion of Ukraine, Lula and Xi said "dialogue and negotiation" were the "only possible way" to resolve the crisis, calling on other nations to play a "constructive role" for a political settlement, according to the official Xinhua news agency.

China and Brazil have never imposed financial sanctions on Russia.

China, on the other hand, is under increasing international pressure to put pressure on Moscow and bring it to the negotiating table.

Trade between Brazil and China reached $150 billion in 2022, with $89.7 billion exported by Brazilians to China.

© 2023 AFP