Visiting Chinese Vice President Xi Jinping delivered a keynote speech at a seminar here Tuesday, predicting a bright future for China-Venezuela relations.

In his speech at the opening ceremony of a seminar attended by entrepreneurs from both China and Venezuela, Xi said bilateral ties have seen comprehensive and fast growth since the establishment of diplomatic ties 35 years ago, particularly after the two countries built their strategic partnership for common development in 2001.

Both sides have enjoyed close high-level exchanges, strengthened mutual political trust and fruitful cooperation in all areas, he said.

Venezuela has become China's fourth biggest oil provider and fifth largest trade partner in Latin America, with bilateral trade volume reaching a record 9.85 billion U.S. dollars in 2008 -- a year-on-year increase of 68.2 percent, said Xi.

He noted that the strengthening of friendly, mutually beneficial cooperation is in keeping with the fundamental interests of both peoples. It is also conducive to the common development of the two countries as well as to relations between China and Latin America as a whole.

Xi said he had held "very fruitful talks" with Vice President Ramon Carrizales on Tuesday.

"We both are very enthusiastic and determined to develop friendly cooperation between our two countries."

To that end, Xi proposed that both China and Venezuela focus on the following four aspects:

First, both nations should focus on common development and boost mutual political trust. China and Venezuela should view each other from a strategic perspective and adhere to the principles of mutual trust, mutual assistance, reciprocity and mutual benefits.

"We should reinforce political dialogue, broaden strategic common grounds, deepen mutual political trust, constantly enrich the contents of strategic partnership, and promote a long-term stable reciprocal cooperation in an all-around way," the Chinese vice president said.

Secondly, he said the two countries should further improve their cooperative mechanism and upgrade cooperation.

This mechanism, namely the Sino-Venezuelan inter-governmental commission founded eight years ago, "has played an active role in communication and collaboration, under which great progress has been made in cooperation in all areas," said Xi.

He expressed hope that the commission would continue to play its guiding and coordinative role in laying the groundwork of pragmatic cooperation and opening new fields of cooperation.

He also proposed setting up a council for entrepreneurs from both countries.

Thirdly, Xi said China and Venezuela should boost cooperation in energy and finance.

Energy cooperation is a priority and constitutes an important part of bilateral cooperation, he said, expressing hope that the two sides would make a joint effort to push forward an all-around energy partnership.

Xi also said that both nations had agreed to increase their contributions to a joint fund to finance projects in either country.

Finally, Xi said the two countries should explore more fields and channels for cooperation. Apart from energy cooperation, they should better tap the cooperation potential in agriculture, infrastructure and high-tech, as well as promote projects in the housing, railway, telecommunication and electric power sectors.

"We deeply believe that through concerted efforts, China and Venezuela will surely have a bright future of cooperation," Xi said.

Venezuelan President Hugo Chavez was present during Xi's address.

Venezuela is the fourth leg of Xi's six-nation tour, which has taken him to Mexico, Jamaica and Colombia. He will also visit Brazil and Malta.

(Xinhua News Agency February 18, 2009)