In the sidelines of the ministerial meeting of the Forum of China and the Community of Latin American and Caribbean States (CELAC), President Xi Jinping told his Venezuelan counterpart Nicolas Maduro Moros to use their bilateral funds to stimulate the Latin American country's major industries.
Xi voiced on Jan. 7, Wednesday, that he hopes Maduro will use bilateral financing for Venezuela's energy, mining and agriculture sectors. Experts said that financing mechanisms between the two countries amount to $50 billion.
Bilateral financing between the two countries, including the China-Venezuela Fund, allows for the partner countries to support their projects.
This financing cooperation was bolstered even further with Xi's visit to Venezuela last year, where both countries upgraded their bilateral ties. China-Venezuela relations started in 2008 with energy cooperation deals and the launch of space satellite Venesat-1.
During the 2014 meeting, Xi assured Maduro of China's support for its economic restructing that involves focus on manufacturing. Xi also pushed for the two countries to enhance ties in oil exploration, technology, infrastructure and people-to-people exchanges.
Visiting for the CELAC meeting, Maduro said that Venezuela's cooperation with China has enabled the country to meet the challenges in the new year with "greater courage and capacity."
According to Maduro, his country is implementing economic recovery and long-term development plans, and hence invited China to partake in discussing more cooperation in areas such as industry, energy, financing, and science and technology.
Both presidents consider the ministerial meeting an important step in improving China-Latin America ties.