Chinese President Xi Jinping (L) and his Brazilian counterpart Dilma Rousseff shake hands during their meeting in Brasilia, Brazil, July 17, 2014. (Xinhua/Lan Hongguang)

Chinese President Xi Jinping told Brazilian President Dilma Rousseff here Thursday that China and Brazil have become "community of shared destiny" after 40 years' development of bilateral ties.

"This year marks the 40th anniversary of the establishment of China-Brazil diplomatic relations. Bilateral ties have been developing steadily in the last 40 years, with political and strategic mutual trust as well as common interests reaching unprecedented height," said Xi.

The international system is undergoing complex and profound changes, bringing both opportunities and challenges to the emerging market economies, said the Chinese president.

As two major developing countries and emerging market economies, China and Brazil are both at a crucial stage of development, said Xi, urging the two sides to work for a more balanced international power structure and promote world's prosperity and stability.

Being second and seventh largest economy, China and Brazil should enhance exchanges and cooperation, deepen strategic coordination, jointly create favorable external environment for their own development and safeguard the common interests of developing countries, Xi added.

Xi arrived here Tuesday after attending the sixth BRICS summit in Brazil's coastal city of Fortaleza.

Brazil is the first leg of Xi's ongoing Latin America tour, which will later take him to Argentina, Venezuela and Cuba.