Chinese Vice President Li Yuanchao delivers a speech at the 10th China-Latin America and Caribbean (LAC) Business Summit in Tangshan, North China's Hebei province, Oct 14, 2016. [Photo/Xinhua]

SHIJIAZHUANG - Chinese Vice President Li Yuanchao on Friday attended the 10th China-Latin America and Caribbean (LAC) Business Summit in the northern city of Tangshan in Hebei province and delivered a speech.

Since the summit's creation in 2007, it has become an important platform for mutually beneficial cooperation and common development of China and LAC nations, Li said in the speech.

He said he hopes the two sides can consolidate their traditional friendship and continuously enhance mutual understanding.

Both sides should also optimize trade structure and promote production cooperation, as economic and trade cooperation is a pillar for China-LAC relations, Li said.

China-LAC trade volume rose more than twentyfold during the past decade to reach $236.5 billion in 2015.

Li also stressed the improvement of people-to-people exchanges in multiple fields, including education, culture, sports and tourism.

On Friday, Li also met with President of Uruguay Tabare Vazquez, who attended the summit and delivered a speech, and other guests from LAC countries.