A group consists of China Communications Construction Co (CCCC) and China Harbour Engineering Company (CHEC) won a $1.42 billion contract to build the fourth bridge over the Panama Canal, Panama's government said.
The 6.5-kilometer bridge will have six car lanes and a two-way metro line.
The Chinese companies initially won the contract in June, however, the award was postponed after rival bidders appealed the decision.
The construction is estimated to begin this year and will be completed after three years.
Panama and China opened free trade talks in July with the aim of crafting an agreement that could turn the Central American country into a hub for Chinese goods across Latin America.