CARACAS, June 26  -- Venezuela would continue to deepen its relations with China in various fields to achieve fair and balanced development for both countries, Foreign Minister Elias Jaua said late Wednesday.

Since late president Hugo Chavez came to power in 1999, Venezuela's trade with China had allowed the South American nation to implement important social projects, Jaua told reporters late Wednesday after participating in a cultural gala to mark the 40th anniversary of bilateral ties.

"We understand China as a strategic partner and have worked to respect our differences and leverage our individual characteristics, so we can build a system of mutual partnership aimed at fair and balanced development of our nations," he said.

He said the two countries' friendship was strengthened by President Nicolas Maduro's visit to China last September.

"This was expressed in more than 480 agreements, which constitute the institutional legal framework to further advance the development of political, economic, trade and cultural ties," Jaua said.

The minister said China and Venezuela had been consolidating their positions internationally "within the framework of the so-called South-South Cooperation, outlined by the prominence acquired by developing countries and emerging economies."

Official statistics show two-way trade rose to 19.2 billion U.S. dollars last year from 1.4 million in 1974, when the two countries established diplomatic relations, making China Venezuela's second largest trade partner.