Chinese and Brazilian officials held a financial and economic meeting in Beijing on Tuesday, where they pledged to further deepening financial and economic cooperation amid a turbulent world economy, according to the Chinese Ministry of Finance (MOF).

The remarks were made during the 12th China-Brazil Financial Subcommittee Meeting of the China-Brazil High-Level Coordination and Cooperation Committee, co-chaired by China's Vice Minister of Finance Liao Min and Brazil's Vice-Minister of Finance Mathias Alencastro, according to the press release from the MOF on Tuesday.

Liao said that under the strategic guidance of the leaders of the two countries, China-Brazil relations have achieved a milestone leap and practical cooperation in various fields continues to improve in quality and level.

"Currently, the world is entering a new period of turbulence and change, and developing countries face particularly severe challenges. China is willing to work with Brazil to strengthen communication and coordination on macroeconomic policies, deepen practical bilateral financial cooperation, and enhance coordination and cooperation within multilateral mechanisms, so as to inject more certainty into a turbulent world through our own stable economic development," Liao said.

For his part, Alencastro said that Brazil attaches great importance to cooperation with China, emphasizing Brazil's commitment to expanding bilateral cooperation in sustainable agriculture, green transformation, and the future economy, according to the MOF's press release.

Faced with uncertainties in the current international situation, Brazil is willing to deepen mutual trust and achieve mutual benefits with China, Alencastro said, adding that efforts should be simultaneously made to enhance coordination on the international stage, and jointly promote the bilateral financial cooperation to reach new heights, per the MOF's press release.

According to the MOF, the two sides conducted in-depth exchanges on the global and bilateral macroeconomic situations, cooperation in banking, insurance, capital markets, trade financing and agricultural financing, sustainable investment, as well as multilateral financial cooperation.

Both sides will further deepen cooperation in the banking, insurance, and securities sectors. They will make full use of the China-Brazil Agricultural Financing Cooperation Working Group under the Financial Subcommittee to promote deeper connections between financial institutions and market players of the two countries.

The meeting stressed that China and Brazil, as important members of the Global South, will continue to strengthen coordination within the G20 finance track and BRICS financial mechanisms, and jointly push forward the reform of the global economic governance system, according to the MOF's press release.

Both sides pledged continued support for strengthening the Asian Infrastructure Investment Bank and the New Development Bank, and promoting infrastructure development and sustainable development in the Global South.

"China and Brazil are not just bilateral partners, they are stakeholders in a more equitable global financial architecture," Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies at Renmin University of China, told the Global Times on Tuesday. "Their combined economic weight, complementary structures, and shared vision for South-South cooperation make them natural anchors of stability for developing nations."

The meeting, held against a backdrop of mounting geopolitical tensions and economic fragmentation, underscored the two nations' shared commitment to strengthening South-South cooperation and advancing the interests of the Global South in international financial governance, as both countries are major emerging economies representing the Global South, Dong said.