In 2010, exchanges and cooperation between the People's Republic of China and the Bolivarian Republic of Venezuela made positive progress and their strategic partnership of common development deepened.

The two sides enjoyed constant high-level contacts and their political mutual trust further strengthened. In April, Head of the National Energy Administration Zhang Guobao, General Manager of the China National Petroleum Corporation Jiang Jiemin and Chairman of Board of Directors of the China Development Bank Chen Yuan visited Venezuela and met with President Hugo Rafael Chávez Frías. In October, CPPCC Vice Chairman and Chairman of the All-China Federation of Industry and Commerce Huang Mengfu visited Venezuela. In November, Chief of the General Staff of the People's Liberation Army General Chen Bingde visited Venezuela. The following officials of Venezuela visited China: Minister of People's Power for Planning and Finance Jorge Giordani, Minister of People's Power for Basic Industry and Mining Jose Khan and Vice Minister of People's Power for Foreign Affairs Temir Porras. From 30 November to 3 December, the ninth meeting of the High Level Joint Commission Between the Government of the People's Republic of China and the Government of the Bolivarian Republic of Venezuela was held in Beijing. Minister of the National Development and Reform Commission of China Zhang Ping and Minister of People's Power for Planning and Finance of Venezuela Jorge Giordani co-chaired the meeting. The two sides signed over 30 cooperation documents, covering energy, minerals, finance and other fields. In December, the Chinese government provided US$200,000 in cash to the Venezuelan government to help the latter deal with the serious floods.

The two sides made new breakthroughs in practical cooperation on energy and finance. The China National Petroleum Corporation and the Ministry of People's Power for Energy and Petroleum of Venezuela signed a cooperation agreement on the development of the Junín 4 Project of Orinoco Heavy Oil Belt. The China Development Bank, the China National Petroleum Corporation and the Venezuelan side signed a long-term finance cooperation agreement between the two countries. Bilateral trade got rid of the impacts of the international financial crisis and returned to rapid growth. Cultural, people-to-people, social and other exchanges between the two countries were fruitful. Venezuela actively participated in the Shanghai World Expo.