CARACAS, Feb. 8 (Xinhua) -- Chinese ambassador to Venezuela Li Baorong on Thursday hailed increasing cooperation with the South American country during a speech marking celebrations of the upcoming Chinese lunar new year.

"The year 2017 was a year of constant and stable development of the comprehensive strategic partnership between China and Venezuela," Li told diplomats, officials and other guests gathered at a hotel in the capital Caracas.

The two countries have "deepened mutual political trust and stepped up exchanges in various areas," he said.

The ambassador said the relationship has generated results in sectors such as energy, finance, mining, infrastructure construction, as well as science and technology, setting "a model of cooperation between developing countries."

Speaking during the celebrations hosted by the Chinese embassy, Venezuelan Planning Minister Ricardo Menendez stressed the importance his country attaches to maintaining strong ties with China, adding that he was confident Venezuela will overcome its political and economic crises.

"We are going to succeed in taking a step towards the future that we want ... we will always remember that China was with us, with our people," said Menendez.

Attending the celebrations were representatives from overseas Chinese communities as well as Chinese institutions and companies. The Chinese lunar new year, or Spring Festival, falls on Feb. 16.