In his opening remarks at the landmark meeting, President Xi Jinping stressed that cooperation between the two sides has now developed from an idea into a reality.
The China-CELAC forum was only established six months ago during the Chinese leader's visit to Latin America.
"I believe this meeting will achieve fruitful results and send out positive signals to the world of deepened cooperation and common development between China and the CELAC."
President Xi Jinping’s message has been well received among officials from some 30 CELAC member countries including the Mexican Ambassador to China, Julian Ventura.
"It's a common dream of all of us, a dream of development, equality and people's happy lives. China and Latin America both wish to cultivate good soil for more specific measures for cooperation. I agree with President Xi in this regard."
The collaboration plan under development is expected to define 13 key areas and specific measures of cooperation between now and 2019.
It will cover a wide range of sectors including politics, security, trade, investment, finance, infrastructure, energy, agriculture and people-to-people exchanges.
President Xi Jinping says in addition to the Plan, the Beijing Declaration and Regulations on the China-CELAC forum will also be the major outcomes of the meeting.
Elba Viviana Caro Hinojosa is the Bolivian Minister of Development Planning.
"We are very interested in the three documents mentioned by Xi Jinping because they emphasized on multi-lateral politics and cooperation. This is an important effort for the whole world."
In his speech, the Chinese President set a goal for bilateral trade between China and Latin American at 500 billion U.S dollars within 10 years.
He also said China's direct investment into the region will hit 250 billion U.S. dollars in the coming decade.
According to Alicia Barcena Ibarra, Executive Secretary of Economic Commission for Latin America and the Caribbean, such targets are what's most needed in the region.
"President Xi put forward quantitative targets for the growth of the three engines, namely trade, investment and finance, which are very important to us. This is also what is most needed in Latin America and the Caribbean states."
The two-day forum marks the first time China has hosted the 33-member CELAC, which comprises all countries in the Americas apart from the United States and Canada.
For CRI, I'm Qi Zhi.
