CARACAS, June 26 -- Venezuela-China ties have promoted economic and social development in both countries, Venezuelan Minister of Planning Ricardo Menendez said Thursday.

"When our people think of the relationship with China, they see it in concrete, tangible facts that can be seen throughout the development taking place in our country," Menendez said at a ceremony marking 40 years of bilateral ties between the two nations.

Over the past 40 years, China has grown into Venezuela's second largest trading partner, with bilateral trade volume surging from 14 million U.S. dollars to 19.2 billion U.S. dollars.

The two countries have signed cooperation accords in different fields,including projects to build and expand subway lines in several major Venezuelan state capitals, to renovate highways and expand the national land transportation system and to build houses.

The event was also attended by Foreign Minister Elias Jaua and other top officials.

China and Venezuela established diplomatic ties on June 28, 1974, the relationship was renewed and expanded under the administration of late Venezuelan President Hugo Chavez.

Relevant celebrations began on Wednesday, with dance and musical performances by Chinese artists at the main theater in Venezuela's capital city of Caracas.