The China-CELAC Forum was officially established on Thursday after the meeting between leaders from China, Latin America and the Caribbean was held in Brasilia.

It was the first collective meeting of China's president and leaders of Latin American and Caribbean countries.

In his keynote speech, President Xi Jinping laid out his vision for a new pattern of China-Latin America relationship based on common destiny.

Xi proposed to build mutual trust in the political arena, win-win in economic and trade cooperation, learning from each other's cultures, close coordination in global affairs, and promoting both the overall relationship and bilateral relationship among China, Latin American and Caribbean nations.

"The get-together of Chinese and Latin American leaders to discuss the blueprint for China-Latin-American relations is a historical event of global significance," Xi said.

The Chinese president also proposed to create a $20 billion fund to finance infrastructure projects in Latin American and the Caribbean.

He also offered to extend a credit line of up to $10 billion to nations of the Community of Latin American and Caribbean States (CELAC) via the Bank of China.

Latin American media called the event of "historical significance". CELAC, established in December 2011, is the largest regional political cooperation in the Western Hemisphere and consist of 33 countries except the United States and Canada.

CELAC's leadership includes the foreign ministers of Costa Rica, the current rotating chair, Cuba, the previous rotating chair, Ecuador, the next rotating chair, and representatives from the Caribbean community.

During a recent interview with media from four Latin American countries in Beijing, Xi said effort from all the involved parties has established the forum.

Calling economic cooperation an important pillar of China-Latin American relations, Xi said establishing the forum and advancing comprehensive cooperation between the two sides fits the trend of regional and inter-regional cooperation and is shared by all countries involved.

CELAC approved a special statement on the establishment of a China-CELAC forum at its second summit held this January in Cuba and agreed to hold the forum's first meeting in 2014.

The trade volume between Latin America, the Caribbean and China has seen a significant increase in recent years, reaching $261.6 billion in 2013.

China, the US and the European Union, are now viewed by the United Nations Economic Commission for Latin America and the Caribbean as the three major economies that will influence the economic growth of region.

Liu Yuqin, a researcher of Latin American studies at the China Foundation for International Studies and formerChinese ambassador to Cuba and Chile, said the forum is a platform for comprehensive cooperation between China and Latin America, and that its establishment is the natural result of years of cooperation.

Liu said the potential for cooperation on infrastructure construction between the two countries is large and both share a strong desire for further cooperation.

Danielly Ramos Becard, a professor at the Institution of International Relations of the University of Brasilia, said the forum shows China's pursuit of establishing a multilateral dialogue while maintaining a bilateral dialogue with Latin American countries, and added that it is important for China to "have a voice" in the region.

"China will positively engage in the financial support for the countries from the region and have a dynamic dialogue with local countries. The mechanism is positive for China's interests in the region," said Becard.

However, Becard also said China should not act as the United States has toward Latin American countries because the region "does not want to have another hegemony".

"We still have positive vision about China's role in the region. China should continue to convince local countries that it is more of a cooperator than a competitor. The idea of win-win is very important," said Becard.

Zhou Zhiwei, a researcher on Brazilian studies at the Chinese Academy of Social Sciences, said that for a sustainable future, China and the entire region need to explore more shared interests.

"It may take time for them to figure out a clear picture now, but they have to begin the endeavor," Zhou said.

Zhao Shengnan contributed to this story.