Venezuelan President Nicolas Maduro arrived in China Monday, aiming to strengthen bilateral relations pertaining to finance and economic deals.
“Nicolas Maduro arrives in China to strengthen ties of brotherhood and cooperation”
"We have forged a true cooperation partnership with the Chinese government as well as with many companies that have allowed us to develop in numerous sectors," said Maduro in the lead-up to his trip.
China has emerged as a key ally to Venezuela, signing several funding agreements in exchange for oil supplies. China currently receives 540,000 barrels of oil a day from the South American country.
Last April, the Venezuelan government secured a US$5 billion loan from Beijing in support of social and infrastructure projects.
China, which is Venezuela's largest creditor, has loaned Venezuela US$46 billion over the last eight years, with $24 billion already paid back.
China is increasingly looking to Latin America to expand its comprehensive strategic partnerships.
According to Chinese government figures, trade between China and Latin America was worth some US$240 billion in the first 11 months of 2014, up 1.5 percent from the previous year, with China investing US$9 billion in the region in the first six months alone.
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