Aug. 28 (Bloomberg) -- Venezuela and China may replenish a $6 billion joint development fund the two countries maintain, Venezuelan President Hugo Chavez said.

The South American leader said he plans to visit China in two weeks to discuss current and future economic agreements. He didn't provide further details.

``We created a $6 billion fund with China, all of which is being invested here right now,'' Chavez said at a ceremony with Argentine industrialists broadcast on state television. ``It's very likely that we will renew the fund for another $6 billion.''

Venezuela has created development funds with China, Iran and other emerging economies in a move to diversify investment sources and promote political alliances that challenge U.S. power in Latin America.

Chavez also proposed creating a joint $1 billion Venezuela- Argentina development fund. The fund would offer credit at low interest rates with long grace periods, Chavez said.

To contact the reporter on this story: Jose Orozco in Caracas at jorozco8@bloomberg.net

Last Updated: August 28, 2008 22:35 EDT