Bangguo, Chairman of the Standing Committee of China's National People's Congress (NPC), was received at the airport by Speaker Chamal Rajapaksa.
Bangguo becomes the second Chinese dignitary to visit Sri Lanka in two weeks.
General Liang Guanglie, the Chinese defence minister arrived here on September 1.
Ten agreements are to be signed between China and Sri Lanka during the visit of the Chairman of the National People's Congress, officials said.
China currently in Sri Lanka's biggest lender with Chinese loans being utilised in Sri Lanka's post conflict infrastructure development drive.
China funds the construction of an international airport and the port at Hambantota, the home base of the Sri Lankan president Mahinda Rajapaksa.