CARACAS, July 22 -- China's socioeconomic model is a paradigm for Venezuela, as the Latin American nation sets out to build socialism for the 21st century, a Venezuelan expert said on Tuesday.

In an interview with Xinhua, Jesus Silva, an international political analyst, said the Venezuelan government's decision to look to China as its model was evident during Chinese President Xi Jinping's recent visit to the country, during which a raft of cooperation agreements were signed by the two sides.

"China is a paradigm for Venezuela, as it combines the best of socialism, such as the common development with the participation of the people," said Silva, adding that the two countries uphold similar basic principles of social justice and inclusion.

He said Venezuela hopes to further expand exchanges and cooperation with China so as to sustain its economic growth in the coming decades.

As every country has its own political and economic model, argued the analyst, they should respect each other's different ideologies and right to self-determination in their cooperation.

He said China always respects the Venezuelan people's choices, "as a result, trade ties are much more harmonious and stable."

In the meantime, as Venezuela, and Latin America as a whole, emerge as an important center of global economic growth, they represent an attractive market for China as well, said Silva.

"China is interested in developing strategic ties with this region.... it is heading in the right direction," he said.

This year marks the 40th anniversary of China-Venezuela diplomatic relations. During Xi's state visit on July 20-21, the two sides agreed to upgrade their relations to a comprehensive strategic partnership.

On the economic front, the two sides vow to continue promoting the stable and balanced development of two-way trade and deepening cooperation in such fields as finance, energy, mining, agriculture, infrastructure construction, telecommunication, manufacturing and hi-tech.