China and Latin America should step up cooperation in political and economic fields between each other, a senior Chinese official said in a speech at the Organization of American States in Washington on Tuesday.

The Chinese government has always attached importance to its relations with Latin American countries, and China's leaders have visited Latin America on many occasions, a good example of which is President Hu Jintao's visit to Argentina, Brazil, Chile and Cuba in November last year, said Cheng Siwei, vice chairman of the Standing Committee of the National People's Congress.

Cheng said that the foundation for political cooperation between China and Latin America is good as both belong to the developing world and have identical or similar views on many issues, and both share the aspiration for maintaining world peace and promoting common development.

At present, China has diplomatic relations with 95 percent of Latin America in terms of land area, population and economic strength. "I hope that leaders from those few Latin American countries yet to establish diplomatic relations with China can see clearly the general trend of the world and develop cooperation with China on the basis of the universally recognized one-China principle," he said.

There is big potential for economic cooperation between the two sides as bilateral trade volume has been growing at an annual rate of 38 percent and reached US$40 billion by the end of last year, Cheng said, adding that bilateral trade is likely to surpass US$100 billion by 2010.

To usher in a new phase of mutual assistance and cooperation between China and Latin America, Cheng proposed that the two sides should maintain a stable trade growth, broaden mutual investment, conduct vigorous trans-regional cooperation and enhance experience- sharing to achieve common development.

Cheng also called for increased cultural cooperation and nongovernmental exchanges between the two sides.

Cheng, heading a Chinese delegation, arrived in Washington for the visit after his trip to Argentina, Peru and the Bahamas.

(Xinhua News Agency December 7, 2005)