EXPOSIBRAM: Brazil should learn from China's reforms, Vale's ceo says

Reforms in China should serve as an example to Brazil, as it needs to overcome its political and economic crisis amid the end of the commodities super cycle, Vale’s ceo said.

“China is undergoing a process that should be exemplary for our country,” Murilo Ferreira said in a talk-show at the Exposibram international mining exhibition and the 16th Brazilian mining congress in Belo Horizonte, Minas Gerais state.
Chinese president Xi Jinping is “extremely well prepared” and politically stronger, which has enabled him to carry out a bold political and ethical reform in the country, Ferreira said.
The executive cited as an example the reduction of shadow banking in China, which used to account for nearly 20% of Chinese credit and now has dropped to 4%.

Ferreira also mentioned that China injected $4 trillion to refinance hidden debt from states and cities, an issue that encounters correlation...

Published

Danielle Assalve

September 16, 2015

07:36 GMT

Belo Horizonte