BEIJING, Nov. 2 (Xinhua) -- The 16th China-Latin America and the Caribbean (LAC) Business Summit kicked off Thursday in Beijing, gathering over 1,000 participants, including government officials, leaders of international organizations, and business sector representatives from China and LAC countries.

Under the theme of "Open Innovation, Shared Development," the two-day summit aims to provide new impetus for deepening practical cooperation between China and Latin America, promoting bilateral trade and investment, and advancing the building of a China-LAC community of a shared future.

Ren Hongbin, president of the China Council for the Promotion of International Trade (CCPIT), said at the opening ceremony that the CCPIT will enhance cooperation with institutions such as the People's Bank of China and the Inter-American Development Bank and fully leverage its role in connecting government and enterprises, bridging domestic and international markets, and facilitating the flow of supply and demand.

This effort aims to advance China-LAC economic and trade cooperation to a greater scale, broader scope, and higher level, he noted.

During the opening ceremony, representatives from the business sector jointly released a cooperation initiative to advance the development of the digital economy, further promote agricultural cooperation, enhance cultural and tourism collaboration, tap into the potential of a green economy, and build a China-LAC community of a shared future.

The summit will also feature a plenary session, four parallel meetings, and five supporting events.

Held annually in China and LAC countries in rotation, the China-LAC Business Summit has successfully held 15 sessions in Chinese cities such as Chongqing, Hangzhou and Chengdu, as well as in Chile, Colombia, Peru, and Mexico, among other countries.