Premier Li Keqiang and Chilean President Michelle Bachelet met with media members following their talks at the presidential residence in Santiago on May 25.

Li said new achievements were made in financial cooperation between China and Chile.

The two nations signed a multi-billion-US-dollar currency swap pact that makes Santiago the first place for renminbi clearing in South America. China agreed to grant 50 billion yuan ($8.1 billion) to qualified foreign industrial investors in Chile.

A three-year currency swap deal worth 22 billion yuan signed between the central banks of China and Chile is aimed at promoting the bilateral trade and investment, according to a statement on the website of the People’s Bank of China, China’s central bank.

The two countries signed an agreement to prevent double taxation. China welcomed Chile’s effort to exempt visa fees for Chinese tourists and to facilitate visa issuance for Chinese business people starting in July.

Li noted that downward pressure still exists during a slow recovery of the world economy.

Cooperation in finance, tax, capacity and other areas will enhance two-way trade, investment and financing exchanges.

Chilean President Michelle Bachelet said that despite the long distance between China and Chile, “a profound friendship as wide as the Pacific Ocean” connects the two countries.