China, Venezuela deepen economic ties during state visit to Latin American country

China has signed more than a dozen new cooperative agreements with Venezuela, its chief economic partner in Latin America.

Chinese President Xi Jingping and Venezuelan President Nicolas Maduro announced the new initiatives during a joint press conference Monday in Caracas.

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Venezuela's socialist government has received roughly $50 billion from China in recent years, paying for the loans with petroleum exports.

The new agreements strengthen economic ties between Venezuela and its main creditor through joint initiatives in industries including energy, mining and transportation.

Xi has been touring Latin America for more than a week, and has also visited Brazil and Argentina.

Last week, the central banks of Venezuela and China signed a cooperation agreement aimed at sharing knowledge and economic strategies.