Chinese Premier Li Keqiang and Chilean President Michelle Bachelet have overseen the signing of various deals connected to areas such as politics, trade, finance, mining, agriculture, production capacity and science and technology.
The People's Bank of China has also entered into a 3-year currency swap agreement with Chile's central bank worth 22 billion yuan, or around 3.5 billion U.S. dollars.
Li Keqiang says China and Chile are going to look at upgrading their decade-old free trade agreement.
"We've decided to apply zero-tariff to cover 97 percent of our products this year. In addition we've just signed an agreement to upgrade our Free Trade Agreement. An upgrade of the China-Chile FTA is expected to further expand bilateral trade and at the same time raise the trade quality."
Under the deals, a renminbi clearing bank is also being established in Chile, the first in South America.
The Chinese Premier says the government is going to encourage Chinese companies to bid for construction projects connected to Chile's "two-ocean tunnel," which connects the Pacific and the Atlantic.
Li Keqiang says his time in Chile also marks a pair of important milestones.
"This visit of mine to Chile coincides with the 45th anniversary of the diplomatic relations between China and Chile. And it is also the 10th anniversary of the signing of the free-trade agreement between China and Chile. Therefore this visit has very important commemorative significance because of those two historic moments."
Chilean President Michelle Bachelet suggests Li Keqiang's visit is another landmark in bilateral ties.
"Mr. Premier, your visit to Chile will mark a clear starting point for our work in pursuit of a deeper understanding. We know that the prosperity from our relation will result in bettering living conditions and more development opportunities for our countries and our people."
Chile is the last stop of the premier's four-nation Latin American tour.
He's also made stops in Brazil, Columbia and Peru.
For CRI', I'm Qi Zhi.
