China has sent out a high-level delegation to Mexico as the two countries strive to strengthen ties in trade, investment and tourism.

A delegation led by Ablet Abdurishit, vice-chairman of the Chinese People's Political Consultative Conference, is attending the Chinese Cultural Festival in Mexico from Nov 14 to Nov 18, accompanied by delegations with more than 20 Chinese bank representatives and more than 20 Chinese entrepreneurs.

"Bilateral economic ties are dynamic in fields including trade, investment, tourism and education, and we can explore further potential under a win-win model," said Mexican Foreign Minister Patricia Espinosa.

Both countries face similar damage stemming from trade protectionism moves from developed economies, so deepening South-South cooperation and boosting ties between the two is a consensual option, according to a news release from the China Chamber of International Commerce, a co-organizer of the event.

The prospects of further bilateral cooperation in areas such as oil exploration, mining and textiles are bright, said the news release.

Mexico is now China's second-largest trade partner in Latin America, while China is Mexico's second-largest trade partner in the world and the third-largest export destination. Bilateral trade hit $34 billion in 2011.