Venezuelan leaders are visiting China as part of efforts to renegotiate existing investments and pursue additional funding for the country dealing with a collapsed currency and economy. Over ten years, China invested over $50 billion in the country through oil-for-loan deals that benefited China through oil supply and the creation of an anti-U.S. partner in Latin America. These programs ended, however, after oil prices and output faltered and the country sought a change in the terms. Since then, the collapse of the country’s economy has spiraled. Ongoing Chinese support, however, may help current President Maduro to remain in power.
Source: Venezuela’s Maduro travels to China in search of fresh funds | Reuters
