President Xi Jinping declared a fortifying of Sino-Venezuelan ties during a meeting with Venezuelan President Nicolas Maduro, on Wednesday as per state-run media.
Following a tour of Shanghai and other Chinese metropoles, Maduro landed in Shenzhen before proceeding to the capital for his initial official visit since 2018. His stay, scheduled until Thursday, is part of an effort to secure Venezuela’s inclusion in BRICS, a coalition of burgeoning economies, Brazil, Russia, India, China, and South Africa.
As Venezuela’s principal creditor, China has maintained a steadfast alliance with the diplomatically estranged nation, despite its hyperinflation woes. President Xi reaffirmed China’s backing of Venezuela’s endeavors to preserve its national sovereignty, dignity, and societal stability, as well as its resistance to external meddling.
Xi further voiced his intention to intensify collaboration between the two nations. State-run broadcaster CCTV revealed that both leaders would participate in a ceremony at the Great Hall of the People.
Maduro, in a prior social media post, noted that his “historic” trip aimed to fortify collaboration and establish a new global order. The previous decade, China extended a loan of roughly $50 billion to Venezuela, which Caracas has been reimbursing with oil consignments. Venezuela, a member of OPEC, possesses some of the most abundant oil reserves gloabally.
As of 2018, Venezuela’s debt to Beijing stood at $20 billion. Furthermore, China has furnished considerable technological aid to Venezuela, helping it expand control over its populace, as indicated by the Atlantic Council, a Washington D.C.-based think tank.
China’s foreign ministry spokesperson, Mao Ning, lauded the resilient relations between the two nations, designating them as “rock solid.” This development underscores China’s enduring pledge to back Venezuela amidst its persistent political and economic tribulations.
IMEX SECTOR | Greece and China Intensify Shipping Finance Ties in Turbulent Times
