Talking to São Paulo business leaders, in a speech where he explained he wanted to present a “propositional agenda,” the president of Brazil’s Central Bank, Henrique Meirelles, said that a serious economic challenge facing Brazil is the need to increase domestic savings rates.
“We have to stimulate domestic savings in order to enable the country to continue investing in productivity and innovation. Domestic savings will also allow us to maintain government efficiency, develop markets and implement responsible economic policy,” said Meirelles.
The president of the Central Bank said that one of the country’s most recent achievements was the valuation of Brazilian currency. “We always thought that a better future for Brazil would be one where somehow we had a strong currency. Purchasing power is a basic guarantee that the government provides to the citizen and the business community.”
Meirelles said that Brazil was a success story at the moment, going through a period of expansion, that he attributed to “responsible economic policy,” making it possible for the government to embark on a new agenda, investing in infrastructure and human capital.
In closing, Meirelles said that another issue Brazil had to focus on was education. He pointed out that over the last few decades China had made one of the largest investments in education in the history of humanity. As for Brazil, it will have to invest in education as it is “fundamental for continued development,” he declared.
On the other hand, the Executive Committee of the Foreign Trade Chamber (Gecex) has approved a surtax on Chinese footwear that will remain in effect for five years.
Gecex accuses the Chinese of dumping (selling goods at less than cost) after a two-year investigation requested by the Brazilian Shoe Association (“Abicalçados”).
The surtax will not be applied to certain sandals and shoes for athletes.
