The Chinese embassy in Panama was opened on Sunday, setting a benchmark for other countries in the region.

Foreign Minister Wang Yi approved of the progress achieved 100 days after China and Panama established diplomatic relations. He attended the inauguration event with Panamanian President Juan Carlos Varela.

Hailing the opening as a historic moment in their relationship, Wang said the new Chinese embassy will devote itself to serving Chinese people as well as institutions in Panama.

In June, Panama became the second Central American country to establish diplomatic relations with China after cutting "diplomatic" ties with Taiwan. Costa Rica was the first in 2007. Panama opened its embassy in Beijing in July.

"It took too long for China and Panama to establish diplomatic ties, and we should seize every minute to carry out comprehensive cooperation," Wang said.

Chinese people first arrived in Panama about 160 years ago, and there are nearly 200,000 Chinese citizens and ethnic Chinese living in Panama now, accounting for 5 percent of its population.

In a recent interview with CCTV News, Varela dismissed speculation that the establishment of ties was for economic assistance.

"I did not ask anything from China. I think it is a correct decision. It is for Panama and its people, and for Panama's strong relationship with China," he was quoted as saying.

He Shuangrong, an expert in Latin American studies at the Chinese Academy of Social Sciences, said even though Panama was willing to establish diplomatic ties with China seven years ago, it didn't do so because China had concerns regarding cross-Straits relations with Taiwan.

"Now the two countries can give full play to their potential in bilateral cooperation," she said.

Rafael Bandeira, Bolivia's ambassador to Panama and in attendance at the ceremony, congratulated China and Panama in the name of his country.

"This was necessary for international relations. It will not only benefit Panama but also the entire region by continuing to build integral development, and the integration of regional economies," said Bandeira.

Gisela Moreno, a Panamanian doctoral student at Huazhong University of Science and Technology in Wuhan, said the new Chinese embassy will mean more convenience for her family, and bring "incalculable" opportunities in different aspects such as commerce, tourism and culture.

Zhou Jin and Xinhua contributed to this story.

mojingxi@chinadaily.com.cn