BALI -- Chinese President Xi Jinping and his Chilean counterpart, Sebastian Pinera, pledged on Sunday to further bilateral cooperation between their countries.

Chile has been taking the lead in Latin America regarding relations with China, Xi said during talks with Pinera ahead of the 21st informal economic leaders' meeting of the Asia-Pacific Economic Cooperation (APEC) in the Indonesian resort island of Bali, slated for Monday and Tuesday.

Bilateral ties have been growing steadily and rapidly, Xi said, noting that the two countries have established a strategic partnership and signed a free trade agreement.

China and Chile enjoy huge potential for cooperation while seeking to achieve their own development objectives, which can become a paragon for China-Latin America relations based on mutually beneficial cooperation and common development, Xi said.

During their talks, Xi put forward a five-point proposal for further cooperation.

Firstly, China and Chile should improve and make good use of the cooperation mechanisms between them, and enhance coordination and planning.

Secondly, the two countries should put into full play the free trade agreement and expand two-way trade and investment.

China stands ready to import more Chilean products, and support Chinese enterprises to invest in Chile. In this regard, China hopes for support and facilitation from the Chilean side.

Thirdly, the two sides should take their complementary advantages of technology, resource and financing, to actively beef up cooperation in such fields as mining industry chain, processing industry in agriculture, forestry, livestock farming and fishery. They may also cooperate in boosting technical innovation in new energy, biology and polar ocean.

Fourthly, China and Chile should promote cultural and people-to-people exchanges, especially between youths and teenagers.

Fifthly, Xi urged the two sides to keep close communication and coordination within the APEC, jointly safeguarding the prosperity and stability of the Asia-Pacific region.

They should also jointly promote the establishment of a China-Latin America cooperation forum.