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While encouraging more Chinese investors to come to Italy, Li said the Chinese government also welcomes more Italian companies to do business in China.

Over the past months, monopolistic local and foreign enterprises in China have been fined for running businesses unfairly, such as resorting to price-fixing. Anxiety then emerged among foreign investors that Beijing may veer off from its longstanding path of opening up.

"Even in the old days when China was much less developed, people witnessed our continuous foreign assistance out of humanitarianism," he said. "It's extremely irresponsible and groundless to criticize China for grabbing resources and markets in Africa."

The meeting, slated for Jan 8-9 in Beijing, will see representatives from China and CELAC, meeting together with heads of some Latin American regional organizations.

Stressing that the governmental consultation mechanism established in 2010 has played an essential coordinating role in promoting bilateral cooperation, the two governments agreed that the consultations should be held biennially in principle.