BRASILIA, Nov. 20 (Xinhua) -- China is ready to join hands with Brazil in a spirit of perseverance and dedication to build a China-Brazil community with a shared future and usher in the next "Golden 50 Years" of China-Brazil relations, said Chinese President Xi Jinping on Wednesday.

Addressing a grand welcome banquet hosted by Brazilian President Luiz Inacio Lula da Silva in Brasilia, Xi thanked him and the Brazilian people for their warm and friendly reception and congratulated Brazil on achieving remarkable development under President Lula's leadership.

Noting that the vast oceans separating the two countries have never hindered their mutual understanding and friendship, Xi said that the two nations have distinctive characteristics while blending harmoniously with openness, innovation, diversity and unity as their shared traits and common aspirations.

Xi added that he and President Lula had announced to elevate the bilateral relationship to the China-Brazil community with a shared future for a more just world and a more sustainable planet and witnessed the signing of cooperation documents aligning the Belt and Road Initiative with Brazil's development strategies.

Looking back, the two sides have every reason to be proud of the achievements in their relations, and looking ahead, they are confident and full of anticipation for the bright future of their bilateral ties, he said.

For his part, Lula said that President Xi and he lead the two largest developing countries in the Eastern and Western hemispheres respectively, noting that both are keenly aware of the people's struggles and are committed to improving livelihoods and eradicating poverty.

Lula expressed deep admiration for China's development achievements under President Xi's leadership, particularly the accomplishment of lifting 100 million people out of poverty.

He pointed out that President Xi has set an example for the world by working for people's well-being, upholding social fairness and justice, and advocating for peace over war, cooperation over confrontation, and creation over destruction.

Since the establishment of diplomatic ties half a century ago, Brazil-China relations have become a model of solidarity, cooperation, mutual benefit and win-win results among Global South countries, Lula said.

The alignment of development strategies between Brazil and China will contribute to the common prosperity of both countries and demonstrate to the world that they can achieve development, revitalization, and justice through their own paths, he said.

Both Brazil and China uphold multilateralism and advocate for the peaceful settlement of disputes, said Lula, adding that their cooperation will have a significant and far-reaching impact on the world.

Brazil looks forward to working closely with China to build a Brazil-China community with a shared future, he said.