On July 21, 2014, during the 13th meeting of China-Venezuela High-Level Joint Commission in Caracas, Venezuela President Xi Jinping and President Maduro celebrated 50 years of diplomatic relations, but also $50 billion dollars of “financial mechanisms” in the China-Venezuela Fund. Despite this overwhelming amount, Maduro assured Venezuela: “China does not put our country in heavy debt, it is financing which is backed by a formula of production and supply of barrels of oil where 524,000 barrels a day already go to China.” Phew, that was close. Who says resource diplomacy isn’t better than debt?
Graphic Source: @edoilustrado
