China congratulates Jair Bolsonaro on election as Brazilian president

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The news of Mr. Bolsonaro's victory was fiercely celebrated in the streets and by Brazil's financial markets. But investors said further gains will hinge on clearer signs he will deliver on a market-friendly agenda.

Brazil is already the deadliest country in the world in which to defend your land, with at least 57 people murdered a year ago, 25 of them in three massacres.

An outspoken Trump admirer, Bolsonaro also vowed to realign Brazil with more advanced economies, such as the United States, overhauling diplomatic priorities after almost a decade and a half of leftist rule. After Mr. da Silva, known as Lula, and his Workers' Party won in 2003, they settled in for 13 years of rule, including five years under Dilma Rousseff. Dubbed "the Trump of the Tropics", Bolsonaro is a hard-line politician who campaigned against crime and corruption.

Bolsonaro, however, is a contentious figure too, given his derogatory remarks on women, gays and blacks, and policy proposals such as relaxing gun-control laws so "good people" can take justice into their own hands.

The former army captain, who vowed after winning Sunday's election to "change Brazil's destiny", met with top members of his team at the home of a wealthy backer in an exclusive Rio de Janeiro neighborhood.

Bolsonaro, who will be sworn in on January 1, defeated former Sao Paulo Mayor Fernando Haddad in a runoff election held Sunday.

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Key Bolsonaro adviser Gustavo Bebianno told journalists the group would be choosing "a combat vanguard for the transition period and the cabinet".

Bolsonaro himself was stabbed in the abdomen at a rally last month and will need to undergo surgery in mid-December to remove a colostomy bag before he can travel to Santiago and Washington.

Presidential candidate Jair Bolsonaro waves to his supporters as he leaves a polling station in Rio de Janeiro, Brazil, on October 28, 2018.

"I don't idolize Bolsonaro and I don't know if he will govern well, but we are hopeful".

While Trump may initiate a trade war with Beijing, and make statements that are thundering on Twitter, "Bolsonaro's going to have to do a lot more attention to what he says, because its economy is much more fragile", says Joel Velasco. Even Bolsonaro's future chief of staff, Onyx Lorenzoni, said in a Monday radio interview that he only expects to introduce a reform plan next year. Paulo Guedes, an economist educated at the US University of Chicago, has advocated for tax and spending cuts that he believes will reverse the country's deficit.

The policies proposed by Brazil's new President, Jair Bolsonaro, threaten a human rights and environmental catastrophe with global implications.