Venezuelan President Nicolas Maduro on Wednesday said his country's relationship with China is mutually beneficial and China's financial support has brought great strength to the South American economy.

"The constant financing provided by the Chinese government has been used for the social and economic development in Venezuela," Maduro told a press conference.

Official statistics show that bilateral financing mechanisms, worth more than 50 billion U.S. dollars, have provided financial support for more than 250 projects in such areas as technology, transportation, medical facilities and housing in Venezuela.

China offers the financing out of a deep respect for Venezuela and it is not conditional as the old systems were, noted the Venezuelan president.

Commenting on Chinese President Xi Jinping's just concluded state visit to Venezuela, he said he expects Venezuela-China relations to advance to a new level thanks to Xi's "extraordinary" visit.

During his stay in Caracas, Xi and Maduro agreed to upgrade their countries' relations to a comprehensive strategic partnership.

Venezuela was the third leg of Xi's four-nation Latin America tour, which also took him to Brazil, Argentina and Cuba.

Maduro said Xi's Latin America trip was very positive for the region, which can cooperate as a bloc with China to establish a strong partnership on the basis of respect, mutual benefit and economic complementarity.

He also spoke highly of the BRICS summit held last week in Brazil, saying it shows that a new world order is forming rapidly, which allows developing countries to implement their development strategies.

"The creation of a BRICS development bank and a reserve fund is a historic step toward creating a multipolar world," he said.

Venezuela, he added, will put forward at the next meeting of the Union of South American Nations a new proposal for economic cooperation between the regional bloc and BRICS.

"We want to propose a strategic partnership between the BRICS development bank and our Bank of the South to establish innovative economic mechanisms for our countries," he added.?

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