Chinese Vice President Xi Jinping (1st L) talks with Venezuelan President Hugo Chavez (1st R) at a business seminar in Caracas, Venezuela, Feb. 17, 2009. [Huang Jingwen/Xinhua]

Carrizales said both sides have great potential in cooperation and agreed to strengthen bilateral ties.

In the evening, Xi Jinping and Venezuelan President Hugo Chavez, attended the opening of a forum of entrepreneurs.

Speaking at the forum, Xi Jinping called for both sides to work hard to promote all-round cooperation.

Venezuela is now China's fifth biggest trading partner in Latin America. Xi said the two countries should maintain the trend, expanded cooperation into various fields and improve cooperation mechanisms.