China Welcomes Vale: Boosting Economic Ties with Brazil

China's commerce ministry has welcomed Brazilian companies like Vale to strengthen economic ties. As China shifts towards a consumption-driven economy, it seeks foreign investment in services, healthcare, and more, while competition intensifies in sectors like coffee. Beijing aims to open its service sector further to foreign enterprises.

In a bid to strengthen its economic ties with Brazil, China's commerce ministry has extended a warm welcome to Brazilian enterprises, including iron ore giant Vale. Vice Commerce Minister Wang Shouwen assured Vale's chief executive, Gustavo Pimenta, of China's openness to deepening trade and investment cooperation during a meeting in Beijing.

This welcome comes as China shifts its focus towards a consumption-driven economy, requiring new foreign investments in burgeoning sectors. Recently, Beijing unveiled a special action plan aimed at boosting consumer spending by further opening its service sector to foreign capital, targeting areas from property services to healthcare.

Meanwhile, Chinese President Xi Jinping highlighted the competitive spirit within the domestic market, exemplified by Yunnan's burgeoning coffee industry, now challenging global brands like Starbucks. As foreign firms vie for market share, they are urged to brace for stiff competition from growing Chinese enterprises.

(With inputs from agencies.)