Visiting Chinese Vice President Xi Jinping Tuesday spoke highly of all-round cooperation between China and Latin America.

Both sides should work hard to promote the all-round cooperation as to pursue common development, Xi said at a seminar also attended by Venezuelan President Hugo Chavez, Vice President Ramon Carrizales and entrepreneurs.

Since the establishment of the China-Venezuela strategic partnership for common development in 2001, remarkable progress has been achieved in the development of bilateral ties, Xi said.

Pragmatic cooperation between the two sides has been fruitful, with high-level contacts growing and mutual political trust increased, Xi said.

Venezuela is now China's fourth biggest source of oil and also its fifth biggest trading partner in Latin America.

Xi proposed that joint efforts be made to further promote China-Venezuela friendly cooperation.

Both sides should focus on common development and deepen mutual political trust, enriching the content of their strategic partnership, he said.

Efforts should be made to improve the mechanism of bilateral cooperation with a view to raising the level of cooperation, he said.

China and Venezuela should also strengthen cooperation in energy and finance and seek new forms of cooperation, he added.

Strengthening friendly and mutually beneficial cooperation between China and Venezuela is also conducive to the development of China-Latin America relations as a whole, Xi said.

Xi said China is ready to join hands with Latin American countries to further promote their relations amid the spreading global financial crisis.

Efforts should be made to enhance mutual political trust between China and Latin America, bearing in mind the importance of long-term development of their friendly relations.

They should also strive to promote cultural and human exchanges and strengthen coordination in international affairs, Xi added.

Venezuela President Chavez paid tribute to China's great achievements made over the past six decades since the People's Republic of China was founded in 1949.

Xi arrived in Caracas Tuesday for an official visit to Venezuela, the fourth leg of his six-nation tour.

Xi has already visited Mexico, Jamaica and Colombia and will travel on to Brazil and Malta.

(Xinhua News Agency February 18, 2009)