China continues to strengthen economic ties with Latin American nations as President Xi Jinping visits Buenos Aires, finalizing deals with the Argentine government.

President Xi arrived in Buenos Aires on Friday hoping to solidify China's economic and trade relationship with the South American nation. On the first day of the three-day visit, Argentine President Cristina Fernandez de Kirchner and Xi signed over 20 trade agreements, according to the AFP.

Argentina is China's third largest trading partners, after the Mercosur trade bloc and the European Union, and has signed a bilateral "strategic partnership" with the Asian giant similar to one signed by Brazil, reports the news agency.

"I want to emphasize that we have signed an agreement to raise the level of our relations in order to turn them into a strategic partnership, along with investments in oil, mining, the nuclear field, agriculture and plant diseases," Xi said via a translator at the presidential palace, the Casa Rosada, according to the AFP.

Many of the economic agreements signed will help large infrastructure projects in Argentina. Reuters reports that the China Development Bank has agreed on a $4.7 billion loan to build two hydroelectric dams in Patagonia. A Chinese and an Argentine company both won contracts to build the dams.

Another loan of $2.1 billion was given to build a railroad "that would make it more efficient to transport grains from Argentina's agricultural plains to its ports." Reuters adds that Argentina is China's largest trading partner after Brazil and produces soybeans, of which China is the largest buyer. 

To further improve the two countries trade relations, Xi signed a three-year deal for an "$11 billion swap operation between the central banks of Argentina and China that will let the Latin American country pay for Chinese imports with the yuan currency."

Many Argentine legislators praised the Chinese leader's visit and greeted him warmly at the Argentine parliament on Saturday morning, according to the Buenos Aires Herald.

"Relations between China and Argentina will continue to grow for the benefit of our people," said Amado Boudou, Senate chairman and vice-president. He added that China "is not a simple buyer or trade partner but a strategic partner to work together and have an egalitarian world."