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At a press conference, Menendez said the meeting would tackle important topics, including new Chinese vehicles entering the Venezuelan distribution sector, the boosting of logistical capacity and the setting-up of Chinese production lines in Venezuela.

The two countries should continue to promote pragmatic cooperation in economy and trade, investment, energy, infrastructure and finance, and expand cooperation in emerging areas of urbanization, high technology and clean energy, Xi said during the meeting.

Ranawaka further said that it was essential for any strategically located country to introduce new maritime corridors and economic partnerships with many countries for its economic activities.

China has made significant progress in many areas, notably interest rate liberalization, internationalization of the renminbi, and urbanization, said the report.

This is in line with a five-point proposal raised by the Chinese side, who also vowed to work with ASEAN on the construction of the Belt and Road Initiative, enhance regional integration and expand new cooperation areas.