Venezuela has been one of China’s closest partners in Latin America. China’s relationship with Venezuela grew rapidly after Hugo Chavez was elected in 1998. In 2023, the two countries elevated their relationship to an “all-weather strategic partnership,” a high-level diplomatic designation that signals long-term cooperation across politics, trade, energy, and other areas.
Beijing has developed deep economic ties with Venezuela over the past two decades. Chinese policy banks loaned more to Venezuela than any other Latin American country; at least $10 billion in Chinese bank loans is outstanding. China also purchases most of Venezuela’s oil, which accounts for over half of Venezuela’s fiscal revenue, despite U.S. sanctions.
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