China, Venezuela ink bilateral accords

China and Venezuela have signed 28 bilateral agreements aimed at boosting cooperation in the oil, mining, security, technology, financial and health sectors, officials said on Friday.

In the oil industry, the countries agreed to strengthen a joint venture between China's state-run CNODC and Venezuelan counterpart PDVSA to explore and produce gas in the South American country.

Chinese company Yakuang Group also committed to investments in gold exploration and production, according to Venezuela's state-controlled media.

The announcement came on the final day of an official visit to Beijing by Venezuelan President Nicolás Maduro (pictured). The oil-rich nation is trying to drum up support from China as it grapples with a severe recession marked by hyperinflation, severe food shortages and a mass exodus of its people.

In a press conference, Maduro said the agreements were "perfectly aligned" with Venezuela's economic recovery plan and reiterated his claim that the country is the victim of a US led "economic war".

"I have had to navigate the United States and Europe's economic sanctions, ... [their] hijacking of billions of dollars in international accounts and trade blockades," Maduro said. "Thanks to the solid China-Venezuela relations, our country has been able to face those circumstances and today I can say Venezuela is standing."