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The competitiveness of Made in China products, analysts said, depends currently not only on low costs. With increasing investment in research and development, quality and technology in Chinese products have been upgraded.

He added that when Chinese author Mo Yan, who has acknowledged the influence of magic realism in his work, won the Nobel Prize in literature in 2012, it was a celebrated event in Colombia.

On the road toward rapid development, it is natural for China and Latin America to partner up: Similar development aspirations and complementary economic advantages bless bilateral cooperation with immense markets, exceptional investment opportunities and vast potential for future development.

"We just had in-depth talks and touched a wide range of topics, which we both expect to yield common ground and results. It is fair to say that we met expectations," Li said after the talks with Modi at the Great Hall of the People in Beijing.

BYD's rise in the NEV sector comes as China is pushing use of such vehicles to save energy and cut pollution. The government started subsidizing NEVs in 2010 and last year announced plans to raise those subsidies. BYD sold more than 20,000 NEVs in China last year, 28 percent of total NEV sales.