China and Venezuela open on Monday in this capital the 8th Meeting of their Intergovernmental Commission which will result in the signing of new cooperation agreements on energy, economy, politics and technology.

A big Chinese delegation is taking part in the session headed by the Economy and Planning Minister Zhang Ping.

Besides inking several agreements the two sides will review the advance of projects underway, according to a press release issued by the Venezuelan Foreign Ministry.

On Sunday, Foreign Minister Nicolas Maduro met Zhang who conveyed Beijings satisfaction on how well current bilateral relations are moving on.

He also expressed his interest in conveying to President Hugo Chavez his countrys gratefulness for Venezuelas support at the recently-closed Climate Change Summit in Copenhaguen.

Though diplomatic relations were established in 1974, its not till Chavez came to office in 1999 that the two countries began expanding their strategic links. Since then, the trade turnover has multiplied by 50 is today touching the 10 billion dollars.

A joint Financing Fund for 12 billion dollars, military and energy contracts stand out in their growing ties. Venezuela supplies China with 400,000 barrels of oil.