China and Brazil, whose economies are highly complementary, enjoy a sound foundation and huge potentials for further development of economic cooperation, China's top legislator Wu Bangguo said in Brasilia Thursday.

In a speech to the Brazilian parliament, Wu, chairman of the Standing Committee of China's National People's Congress, said that Brazil is China's leading trading partner in Latin America, and that China is Brazil's biggest trading partner in Asia.

Statistics showed that bilateral trade reached a historic high of 14.817 billion U.S. dollars in 2005. In the first half of 2006, bilateral trade rocketed to 9.22 billion dollars, 51.2 percent up over the same period last year.

By the end of 2005, 89 Chinese companies had invested in Brazil, with a total contracted investment of 199 million dollars, according to Wu.

He added that Chinese enterprises have taken part in 50 large projects on Brazil's land harness and port dredging, among others. Brazilian companies also have been involved in large Chinese projects such as the construction of the Three Gorges Dam in central China's Hubei Province.

Another encouraging sign in China-Brazil trade ties is that the structure of the bilateral trade is witnessing substantial changes, said Wu.

High-tech and value-added products from Brazil are warmly welcome in China, as China-made electronic and communication products enjoy good reputation in Brazil, he said.

The two countries have jointly developed and produced Chinese-Brazilian Terrestrial Resources Satellites, which has been widely viewed as a role model for south-south cooperation, said Wu.

Brazil's recognition of China's full market economy status in 2004 further broadened the horizon for the countries' trade cooperation, Wu said.

He voiced confidence that with concerted efforts from both sides, China and Brazil will meet their goal of bringing bilateral trade to 20 billion dollars in 2007.

China and Brazil are also close friends in the fields of culture, education and science, with bilateral exchange and cooperation in these sectors steadily growing in the past years, according to Wu.

In 2001, China organized art festivals in Brazil, and in 2004, Brazil staged a series of events aimed at introducing the country to the Chinese people.

The increasingly close personnel exchanges and cultural communication between China and Brazil will greatly deepen understanding and friendship between the two peoples, Wu said.

Wu arrived in the Brazilian capital of Brasilia on Tuesday for a four-day official visit aimed at consolidating bilateral relations.

Brazil is the first leg of Wu's three-nation South American tour, which will also take him to Uruguay and Chile.

Source: Xinhua