The China-Venezuela investment fund, set up in 2007 with a starting capital of six billion dollars, was boosted to 12 billion, with China contributing eight billion and Venezuela the rest, officials said.

"The fund is part of the strategic alliance that bolsters our common interests and confirms Venezuela's standing as an oil-providing partner (to China) for the next 500 years," President Hugo Chavez after meeting with Xi.

Chavez said the joint fund would be invested in education, health and infrastructure programs in Venezuela.

The 12 cooperation agreements include one calling for Venezuela's state-run oil company PDVSA to sell China's National Oil Company between 80,000-200,000 barrels of oil per day to pay off a debt between development banks in both nations.

Another agreement calls for building an oil refinery in China to handle some 400,000 barrels of Venezuelan crude from the oil-rich Orinoco basin.

China currently imports about 364,000 barrels of crude oil per day from OPEC member Venezuela, a figure expected to rise to 500,000 barrels in late 2009.

Other agreements involve technology transfer, building in Venezuela a mobile phone factory and an assembly plant for household appliances, as well as farming ventures and a deal between state-run Venezuelan and Chinese televisions networks Telesur and CCTV.

"Our cooperation is highly beneficial," Xi told reporters as his 24-hour visit here begun Tuesday afternoon came to a close.

Historically cordial, China-Venezuelan relations have strengthened since 2001 under Chavez' leftist administration, with bilateral trade peaking at more than 10 billion dollars last year, according to Venezuelan figures.

Last year, Venezuela launched its first geostationary satellite thanks to cooperation with China.

And military ties between the two countries have also expanded. Caracas recently purchased a fleet of 18 K-8 reconnaissance and training aircraft from Beijing with delivery expected in January 2010.

"We didn't have time to deal with this (military) issue," Chavez told reporters before Xi left for Brazil, "but sure, Venezuela will buy Chinese radar and airplanes specially designed for training ... and as part of modernizing our defense system."

Venezuela is Xi's second stop in Latin America after first visiting Mexico and Colombia.

His tour of Latin America ends in Brazil.

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