China intends to continue economic cooperation with Venezuela, Chinese Foreign Ministry Spokesman Geng Shuang said on Friday
BEIJING (Pakistan Point News / Sputnik - 15th February, 2019) China intends to continue economic cooperation with Venezuela, Chinese Foreign Ministry Spokesman Geng Shuang said on Friday."Venezuela is China's most important trade partner in Latin America. Companies in both countries are developing cooperation based on principles of equality and mutual interest. China is prepared to continue developing mutually beneficial cooperation with Venezuela," Geng said at a briefing.
China is Venezuela's biggest lender and has invested over $50 billion in the South American country's economy through loans and outbound direct investments since 2008. The majority of the investments have been in the energy industry. In September, Venezuelan President Nicolas Maduro visited China and signed a series of bilateral agreements, including a $5 billion Chinese loan to help boost Venezuela's oil industry.
Venezuela has been in a state of political and economic turmoil since late January when Juan Guaido, leader of the opposition-led Venezuelan National Assembly, proclaimed himself the interim president, contesting the results of the 2018 elections. A number of Venezuela's neighbors and the United States recognized Guaido instead of Maduro, but China, Russia, Mexico and several others countries stressed that they continue to recognize Maduro as the legitimate leader.
