Chinese President Xi Jinping's upcoming visit to Venezuela will highlight the two countries' deep bond in economic and social development and the huge potential in bilateral win-win cooperation.

Xi's visit will be of great importance to Venezuela, since it reflects the will of both governments to continue deepening economic ties between Venezuela and China, with financing mechanisms between the two countries amounting to more than 50 billion U.S. dollars, according to Venezuelan experts.

The financing mechanisms, including the China-Venezuela Fund, have provided financial support for some 256 projects.

"These projects cover a wide range of fields that impact the daily lives of Venezuelans," Simon Zerpa, president of the Venezuelan Bank of Social and Economic Development, told Xinhua.

Zerpa, who also heads the China-Venezuela Fund, believes Xi's visit will have a great impact on bilateral cooperation, with the signing of new agreements on expanding Chinese investment and boosting commercial ties between the two nations.

Bilateral trade between China and Venezuela reached 19.2 billion dollars last year. Chinese products and brands are common in the South American country thanks to a grand project initiated by late President Hugo Chavez.

Known as "Well Furnished Home," the project provides home appliances at fair prices through a partnership with Chinese company Haier.

After a period of successful operation, incumbent President Nicolas Maduro decided to expand the project by purchasing 2 million home appliances from China, which have already arrived at Venezuelan ports and are being distributed by the Ministry of Trade.

The Venezuelan government has also purchased 12,000 of China's Chery family cars and acquired 2,000 Yutong buses to develop urban and suburban routes around the country and facilitate public transportation for millions.

Venezuela's relations with China are not based on imports only, but also on developing productive capacities in the South American country and technology transfer, Zerpa said.

To that end, several factories have been set up in Venezuela to manufacture products locally, including Haier appliances, Chery automobiles and Yutong buses, which helps promote domestic industrial development and diversification.

In oil refining in bilateral energy cooperation, Venezuelan state oil company PDVSA is involved in a processing plant in China's southern Guangdong province, with 40 percent of investment.

China has launched two satellites for Venezuela since 2008, which have been helping the country in areas like television service, city planning, resource survey, environmental protection and disaster relief.

In 2013, China transferred a telecom satellite facility it had built up in Venezuela to the Venezuelan side after completing the training of engineers for the country.

The two sides are preparing for another satellite project, with Venezuelan scientists participating in the design and test process for the first time, which marks the entry of bilateral cooperation into a new stage of joint research and development.

"With the support of China, we have seen in recent years how our society has developed in areas such as transportation, infrastructure, technology, agriculture, housing and other credit benefits," political analyst Ernesto Wong told Xinhua.

The Chinese president's visit to Venezuela and his meeting with Maduro will also send the world a clear political message, Wong said.

"The most important aspect of this visit is China's support for Venezuela's sovereignty and self-determination, and respect for its internal affairs," the analyst said.

"It is a confirmation of the principles of international relations and the will of both governments to assist each other in economic, commercial, political and social areas," Wong said.