Economic relations between China and Venezuela: modern characteristics and prospects

Abstract

Venezuela suffers currently from a deep economic and political crisis. China, being significant partner for Venezuela, has recently increased its presence on the Venezuelan market. The study reveals the distinguishing features of modern Chinese-Venezuelan economic relations. It analyzes China's foreign economic strategy in Latin America and identifies the trends in trade, investment and finance relations between China and Venezuela. The conclusion is made that the Chinese strategy in Venezuela is not based on the concept of South - South cooperation, but it more relates to the North - South approach. At the same time, the political factor plays an increasingly significant role in the development of relationship between states from a perspective of escalation of the confrontation between the United States and China. The possible scenarios and consequences of the Venezuelan political crisis for China are identified and certain comparisons with Russia are presented.

Keywords

• china
• venezuela
• foreign economic policy
• international trade
• foreign investments
• geopolitics