China, Venezuela vow enhanced financing cooperation

President Xi Jinping (2nd R) and his wife Peng Liyuan (1st R) pose for photo with Venezuelan President Nicolas Maduro Moros (2nd L) and his wife before their meeting in Beijing, Jan 7, 2015. [Xinhua photo] 

Chinese President Xi Jinping on Wednesday said he hopes Venezuela will use bilateral financing mechanisms and channel more funds to the areas of energy, mining, agriculture and industry while meeting with Venezuelan President Nicolas Maduro.

Maduro is visiting China to attend the opening ceremony of the first ministerial meeting of the Forum of China and the Community of Latin American and Caribbean States (CELAC).

Financing mechanisms between the two countries total more than 50 billion U.S. dollars, according to Venezuelan experts.

Financing mechanisms, including the China-Venezuela Fund, have provided financial support for some 256 projects.

China and Venezuela upgraded their relationship to a comprehensive strategic partnership during Xi's visit to Venezuela in 2014, opening a new chapter in bilateral ties.

During their meeting, Xi called on the two sides to push bilateral ties to a higher-level.

China supports Venezuela's efforts in restructuring its economy and establishing a manufacturing economic model, he said.

Xi suggested the two countries push forward cooperation in the fields of oil exploration, infrastructure and technological innovation.

He also urged construction of an agricultural demonstration park and called for strengthened people-to-people exchanges and cooperation in personnel training.

Maduro visited China for the opening ceremony of the first ministerial meeting of the China-CELAC forum, which Xi said showed the importance Venezuela attaches to the China-Latin America comprehensive cooperative partnership.

Xi said he hopes that overall China-CELAC cooperation and bilateral cooperation between China and CELAC member countries will complement each other to push the China-Latin America comprehensive cooperative partnership to a higher level.

Noting China is a close friend of Venezuela, Maduro said enhanced cooperation with China based on mutual benefit and common development has enabled Venezuela to meet the challenges in the new year with greater courage and capacity.

Venezuela is implementing economic recovery and long-term development plans that will expand international financing and increase investment in domestic production, said Maduro.

He invited China to join planning for the next step in cooperation and explore new areas of cooperation, such as industry, energy, science and technology, and financing.

Venezuela will continue to enhance coordination and cooperation with China on international affairs, he said.

Maduro said the founding of the China-CELAC forum displays the huge potential for cooperation between China and CELAC countries.

The upcoming ministerial meeting will enhance both China-Venezuela and China-Latin America cooperation, he said, adding that Venezuela will continue to make efforts to reinforce China-Latin America cooperation.

The two sides also exchanged views on international issues of common concern and the world economic situation.

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