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Analysts say that China's improving infrastructure, including the world's largest high-speed rail network and a massive broadband network, has enhanced logistics and fostered innovation.

"We will actively cooperate with the Bulgarian side to build this cultural center as a platform for cultural cooperation and sharing between China and Bulgaria," Zhang said.

In 2017, the volume of new issuances surged 64.7 percent to about 1.5 trillion yuan (about 236 billion U.S. dollars), making China the world's second largest securitization market in terms of new issuance volume, according to a report by Pengyuan International, a credit rating company.

Wang said that both China and the Latin America are developing countries and "seeking national development and people's happiness are our shared aspiration."

This move is part of the government effort to streamline administration, enhance compliance oversight and provide better services, with the aim of delivering greater benefits to the public with easier and faster access to administrative services.