Federated Graph Learning (FGL) is an emerging distributed learning paradigm that enables collaborative model training over decentralized graph-structured data while preserving local privacy. Existing FGL methods can be categorized into two optimization architectures: (1) the Server-Client (S-C) paradigm, where clients upload local models for server-side aggregation; and (2) the Client-Client (C-C) paradigm, which allows direct information exchange among clients to support personalized training. Compared to S-C, the C-C architecture better captures global graph knowledge and enables fine-grained optimization through customized peer-to-peer communication. However, current C-C methods often broadcast identical and redundant node embeddings, incurring high communication costs and privacy risks. To address this, we propose FedC4, a novel framework that combines graph Condensation with Client-Client Collaboration. Instead of transmitting raw node-level features, FedC4 distills each client's private graph into a compact set of synthetic node embeddings, reducing communication overhead and enhancing privacy. In addition, FedC4 introduces three modules that allow source clients to send distinct node representations tailored to target clients'graph structures, enabling personalized optimization with global guidance. Extensive experiments on eight real-world datasets show that FedC4 outperforms state-of-the-art baselines in both performance and communication efficiency.