LatinNews Daily Report - 13 May 2013

ECONOMY | Chinese VP in Caracas. On 12 May China’s vice-president, Li Yuanchao, arrived in Caracas (en route from Buenos Aires) for a three-day visit until 16 May. Li, received by his Venezuelan counterpart Jorge Arreaza, has scheduled meetings with President Nicolás Maduro, Foreign Minister Elías Jaua, the energy minister and president of the state oil company Petróleos de Venezuela (Pdvsa) Rafael Ramírez, and the president of the national assembly, Diosdado Cabello. Arreaza yesterday stated that Venezuela and China have a relationship that goes beyond the commercial. “We are not partners, we are allies and friends”, he said. Li praised the late president Hugo Chávez (1999-2013) as “a great friend of the Chinese people” and said he hoped that ties would be continued by President Maduro. Venezuela sells China, its second main trading partner (with bilateral trade of over US$20bn in 2012), 640,000 barrels of oil a day, of which about half is payment in kind for Chinese loans and other forms of co-operation worth an estimated US$40bn, on Venezuelan government figures. The Caracas government imports a string of Chinese-made manufactured and consumer goods for its various social welfare missions, including for its flagship public housing mission. China is also invested in the Orinoco heavy oil belt in partnership with Pdvsa. In the past year there have been local rumours that China has put pressure on Venezuela over the slow pace of progress in developing the Orinoco belt and has been imposing stricter financing conditions on the country. Maduro’s very first meeting as president was with a high level Chinese delegation.

End of preview - This article contains approximately 263 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial