Chinese President Xi Jinping and Venezuelan President Nicolás Maduro concluded their XIII China-Venezuela Joint Commission of High-Level meetings in Caracas on Monday. During President Xi’s two-day visit, China and Venezuela fortified existing relations and established 38 new agreements.
Relations between the two countries have greatly accelerated since former President Hugo Chávez took office in 1999 and sought to reduce dependency on the US. Yet, despite receiving $50 billion worth of loans from China, some analysts have argued that Chinese government leaders have grown frustrated with Venezuela’s alleged mismanagement of loans and unwillingness to close large oil deals. These new agreements, however, show that China continues to find Venezuela stable enough to invest in and, of course, secure oil from.
On July 20, President Xi arrived in Caracas and stated that he was “looking forward to charting the future course of bilateral ties together with President Maduro and communicating extensively with the Venezuelan people from all walks of life, so as to promote friendship, cooperation and development and lift the China-Venezuela relations to a new height.”