China and Venezuela concluded a three-day meeting in Caracas Wednesday to review their bilateral economic and social agreements and assess cooperation for the next 10 years under their comprehensive strategic partnership.
At the end of the fourth technical meeting of the China-Venezuela High-Level Joint Commission, Venezuelan Vice President Jorge Arreaza stressed the mutual benefits for Beijing and Caracas since the two countries established a strategic partnership in 2001.
Arreaza, who chaired the meeting, said it allowed for a thorough review of China-Venezuela economic cooperation, which consists of more than 440 agreements in areas such as energy, oil, mining, infrastructure, technology, housing and transportation, among others.
"Our relations with China aren't rhetoric or a signed document, they're seen in the daily lives of Venezuelans and benefit our people," Arreaza said.
Arreaza highlighted the Great Housing Mission, under which more than 700,000 apartments for low-income families in the past four years have been built with the cooperation of various countries, including China.
He also spoke highly of the presence of Chinese technology in the urban transformation program known as "Barrio Nuevo Barrio Tricolor," which has optimized the infrastructure conditions of more than 9,000 homes nationwide.
"With China, we have a relationship of respect and mutual benefit that we make more efficient day by day based on our country's needs for development," he said.
Arreaza added that new investments by Chinese companies in the Orinoco Oil Belt in eastern Venezuela, the world's largest oil reserve, will boost cooperation in energy.
"Our goal is to provide China in the near future with about 1 million barrels of oil per day," the vice president said.
The meeting was co-chaired by Wang Jianjun, secretary of the China-Venezuela joint commission, and Ricardo Menendez, Venezuela's vice president of planning.
Venezuela supplies China with nearly 600,000 barrels of oil a day as part of a strategy to diversify its market.
In July 2014, the two nations raised their ties to the level of a comprehensive strategic partnership during a visit to Caracas by Chinese President Xi Jinping.
In January, Venezuelan President Nicolas Maduro paid a visit to Beijing, during which both countries reiterated their commitment to economic cooperation.
