China\\\'s Xi in Venezuela seeking trade, oil deals

Chinese President Xi Jinping is set to meet the head of Venezuela's National Assembly Monday and sign agreements that will tie his energy-hungry country to the South American oil-rich state. Xi's meeting with Diosdado Cabello comes on the last day of his two-day visit, and after he and President Nicolas Maduro agreed to increase ties between their countries to the level of ‘comprehensive strategic partnership’. Xi and Maduro also 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 is the second-largest market for Venezuelan oil after the United States, 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 the exports in the coming years to one million barrels a day. Bilateral trade between China and Venezuela has been steadily rising, exceeding $20 billion in 2012, according to AFP.