China and Venezuela agreed to upgrade their relations to a comprehensive strategic partnership during President Xi Jinping's visit to Caracas, viewed as an effort to chart a new course for bilateral relations in the post-Chavez era.

The upgrading of ties was announced following a meeting with Venezuelan President Nicolas Maduro on Sunday, the first day of Xi's two-day state visit.

Xi and Maduro agreed to "intensify financial cooperation" and increase cooperation in the field of energy, Xi said at a press conference Sunday.

Maduro in turn praised China at the event as the "most important emerging economic power in the 21st century."

China cherishes the contributions made by late Venezuelan president Hugo Chavez to the development of bilateral ties, and appreciates Maduro for inheriting the former leadership's friendly policy toward China, Xi said.

Since coming into office in March 2013, Maduro's rule has been divisive, with the nation experiencing often violent protests against his government.

The Hong Kong-based Ta Kung Pao commented that Xi's visit demonstrates China's support for Maduro's administration, and in the meantime seeks to deepen China's friendship with Venezuela in the post-Chavez era.

While Caracas enjoys good ties with Beijing, its relations with the US, the region's traditional political and economic powerhouse, are at a low point.

Washington and Caracas have not exchanged ambassadors since 2010. Their bilateral relations, which suffered during the Chavez leadership, have not improved under Maduro.

China has become Venezuela's second largest trading partner, while Venezuela is China's fourth largest trading partner in Latin America, an important partner for energy cooperation and a major market for contracted projects.

Bilateral trade increased from $1.4 million four decades ago to $19.2 billion last year.

China is the second-largest market for Venezuelan oil after the US, with an average daily volume of 640,000 barrels - in part to pay off Venezuela's $17 billion debt with Beijing.

The trade partners aim to increase exports in the coming years to 1 million barrels a day.

During the visit, the two sides are expected to ink a series of cooperation deals on finance, infrastructure construction, agriculture and high-tech.

In order to lift bilateral relations, Xi urged the two countries to strengthen top-level design to develop a multi-tiered cooperation in the fields of finance, investment and energy.

The two countries should make good use of their cooperation mechanism in financing, to promote cooperation in the areas of mining, infrastructure construction and science and technology.

Xi said China is ready to expand satellite technology transfer to Venezuela and encourage Chinese companies to participate in the construction of Venezuela's special economic zone.

On Monday, Xi was scheduled to meet Diosdado Cabello, the head of Venezuela's National Assembly.

Venezuela is the third leg of the Chinese president's four-nation Latin America tour which will also take him to Cuba for a two-day visit.

He is to announce plans to build a factory producing "biosensors" for monitoring the blood of diabetics and other patients suffering from chronic illness, Cuban media reported on Monday.

A group of Chinese business leaders who have expressed a strong interest in investing in Cuba will accompany Xi.