HANGZHOU -- China will welcome Latin American companies' entry into the world's second-largest economy in order to strengthen bilateral trade ties, Wan Jifei, head of the China Council for the Promotion of International Trade, said Wednesday.

"China's ongoing urbanization will continue to power domestic consumption. China hopes Latin American countries can share their experience in urbanization and offer technology related to renewable energy, waste recycling and treatment," Wan said at the sixth China-LAC Business Summit in Hangzhou, capital of East China's Zhejiang province.

China's imports will reach $10 trillion over the next five years, creating huge opportunities for Latin American companies, he said, adding that he hopes to see more Latin American companies enter the Chinese market.

Trade has boomed between China and Latin America over the past decade. China has become Latin America's major trading partner and the main source of foreign direct investment in the region.

Luis Alberto Moreno, president of the Inter-American Development Bank, said trade ties between China and Latin America will develop further over the next decade.

Over 1,100 entrepreneurs from home and abroad are attending the summit, which will last from Wednesday to Thursday.