context: Venezuela is mired in economic and political crises, and President Maduro survived an assassination attempt in early August. The timing of Maduro’s visit to Beijing from 13-16 September, notes Global Times, has led international observers to speculate that the visit was intended to generate more Chinese loan and aid agreements with Venezuela.
Cooperation between China and Venezuela is mutually beneficial and win-win, says Wang Youming 王友明 China Institute of International Studies Developing Countries Institute director in an interview with the Global Times. This cooperation is based on current conditions, he states, and does not rely on past loan or aid precedents.
Venezuela's current predicament is a structural contradiction, says Wang, difficult to resolve in the short term but not impossible to address. At present, Maduro’s domestic support is still stable, as he remains popular with a base who have benefited from state welfare policies. Wang argues that recent currency, wage, and exchange rate reforms convey Maduro’s resolve to address these longstanding issues, and that increases in international oil prices will assist with Venezuelan reforms.
Geng Shuang 耿爽 Ministry of Foreign Affairs spokesperson said at a press conference on 13 September that pragmatic cooperation between China and Venezuela has grown rapidly, bringing 'real benefits' to the two peoples.