Beijing: China and Venezuela will step up co-operation this year, Presidents Xi Jinping and Nicolas Maduro said in Beijing yesterday as falling oil prices threaten the Latin American nation’s economy.
Maduro was widely expected to ask for a new cash injection to shore up oil-rich Venezuela’s finances during his visit as elections loom and a faltering economy could hurt his left-wing party’s chances. “We have very good news to share about the cooperation that will increase this year,” Maduro said at a meeting with his host. “It will be strengthened on the basis of the successful formula that we’ve built,” he said, without giving details.
There were signs that Xi was willing throw a lifeline to what he called an “old and good friend of the Chinese people”. “Going forward we will deepen cooperation in all spheres,” he said.
Foreign ministry spokesman Hong Lei told reporters at a regular briefing: “During President Maduro’s visit we will work with them to promote our strategic cooperation, including with regards to finance.
“Due to falling oil prices Venezuela is facing some difficulties in its domestic economy.”
Venezuela’s economy has sunk into recession in recent weeks due to the plummeting price of oil, which the country relies on for 96 percent of its foreign currency.
China is looking to increase its diplomatic heft in the region, while Caracas and Washington have been at loggerheads since the days of Maduro’s predecessor Hugo Chavez.
Welcoming Maduro, Xi told him: “When I visited Venezuela I felt deeply the love and esteem, as well as the boundless memories, of the Venezuelan people for President Chavez, and that they continue to hold high the Venezuelan revolutionary system, making great efforts to build a glorious homeland.”
But the extent of any new deal remained unclear, with officials saying that no new agreements had been signed. AFP
