SHANGHAI - Senior finance officials from China and Brazil Sunday agreed to step up cooperation in fiscal and financial areas to advance bilateral comprehensive strategic partnership.

Finance officials from both countries met in Shanghai on Sunday ahead of the second BRICS finance ministers and central bank governors meeting.

Sunday's meeting was co-chaired by Shi Yaobin, vice-finance minister of China, and his Brazilian counterpart Marcello Estevao.

The two sides exchanged views and reached agreement on a range of issues including macro-economic policy, structural reform policy, cooperation under G20 and BRICS frameworks, taxation policy, and financial and investment cooperation.

Shi Yaobin said China was willing to enhance macro-economic policy coordination, work together with Brazil to improve global governance and seek more potential on two-way investment.

He added that China and Brazil were major emerging economies and important members of the G20 and BRICS, and that the two sides should explore potential in fiscal and financial cooperation to make good preparation for the BRICS summit in September.

Marcello said China and Brazil had a lot of potential for more cooperation, adding that as emerging markets and BRICS countries, the two nations had made contributions to global economy.

Brazil expected a great success of the BRICS summit in September, he said.