The visa-free arrangement will be effective from June 1 for a year, Chinese foreign ministry spokesperson Lin Jian said on Thursday during a regular press conference.
Brazil, Argentina and Chile are among the top five biggest economies in their region.
Travel to China has been visa-free for most European countries as well as its neighbors Japan and South Korea since last year.
The announcement came after a high-profile forum among Chinese and Latin American and Caribbean officials in Beijing earlier this week, at which President Xi Jinping vowed to boost China's footprint with a new $9 billion credit line and fresh infrastructure investment.