Spanish and Chinese companies on Thursday signed five cooperation agreements and nine sales contracts for Spanish goods being bought by the Asian giant valued at around 500 million euros ($626.8 million).

Spanish Prime Minister Mariano Rajoy and the speaker of China's parliament, Wu Bangguo, presided at the signing ceremony.

Rajoy thanked China for its support - China is a large holder of Spanish debt - and Wu expressed both his confidence in Spain and his desire for the economy in the Eurozone to become more stable, Spanish government sources said.

The most important agreement was the one signed by Telefonica and Chinese firm ZTE whereby the latter becomes the Spanish firm's sole provider of visual control equipment over the coming years.

The new contracts will strengthen bilateral cooperation in the economic realm and spur trade between the two counties which last year reached 22 billion euros ($27.58 billion), the Spanish government said in a communique.

Over the past two years, Spanish exports to China have increased annually by 30 percent.

Wu is the No. 2 figure on the Chinese Communist Party' Permanent Committee and on Thursday morning he was received with the highest honors in the lower house of the Spanish Parliament, where he emphasized that bilateral relations are going through "the best period in history."

After his meeting with Rajoy, Wu went to the Zarzuela Palace for an audience with King Juan Carlos.

It is expected that Rajoy will hold a bilateral meeting with Chinese President Hu Jintao in mid-June, when both men will be attending the G20 summit in Mexico. EFE