China says promise of more money for Venezuela part of ‘mutually beneficial cooperation’
Premier Li Keqiang says Beijing will support South American country’s efforts to develop its economy, improve people’s livelihoods
China on Friday extended its offer of financial support to Venezuela as the South American nation’s President Nicolas Maduro arrived in Beijing for talks with Chinese President Xi Jinping and other leaders.
Developing relations with Venezuela was a strategic decision for China, Xi said during the meeting, extracts of which were shown by state broadcaster CCTV.
“China and Venezuela have to enhance friendly mutual trust and push for mutually beneficial cooperation,” he said.
Maduro was in Beijing mainly to seek economic cooperation for his country, which is mired in debt and battling hyperinflation.
Over the past decade, China has loaned US$50 billion to Venezuela, and while Caracas has been gradually paying off that debt with oil shipments, it still owes Beijing about US$20 billion.
Earlier in the day, Maduro visited Mao Zedong’s mausoleum in Beijing’s Tiananmen Square, where he bowed three times before laying a wreath and hailing the founder of the People’s Republic of China as a “giant of the homeland of humanity”.
“We are beginning this state visit in the best way because we have come to pay tribute to the great helmsman Mao Zedong,” Maduro said in comments broadcast by Venezuela’s official VTV network.