With the Presidential elections are just around the corner and according to polls they have the worst ratingthe Venezuelan ruler Nicolás Maduro makes his first state visit to China since 2018The priority is to release Chinese financing, which has been virtually paralyzed in recent years despite statements of political support from Beijing.
Maduro arrived in China on September 8th and according to the official press in Caracas, his visit will be extended until September 14th. It is a long stay in which, according to the analysts consulted by DIARIO DE CUBA One focus will be on Chinese financing which practically stopped before the Venezuelan ruler’s last visit five years ago.
Between 2000 and 2016, especially in the years when Hugo Chávez was at the head of the so-called Bolivarian Revolution, China granted Venezuela loans worth $62.6 billion, says the local branch of the Transparency International network. According to the American think tank Inter-American Dialogue Venezuela received 44% of the total loans granted to Latin America and the Caribbeanin these years.
“The visit gives Hope for Maduro for economic support. “It is looking for liquid assets, oil investments and possibly debt repayment periods,” says Mariano de Alba, senior consultant at Crisis Group, when asked by DIARIO DE CUBA. This expert claims that due to the lack of transparency, it is currently difficult to estimate the amount owed.
According to Mariano de Alba, China has crippled funding due to blatant and scandalous corruption These were projects of the so-called Chinese Fund. In total, around 500 agreements were signed without any certainty about the fulfillment of plans financed by China over three decades under an agreement that provided for the payment of Venezuelan oil.
On the geopolitical level, however It is unlikely that China would favor a hypothetical change of government in the 2024 elections. Maduro is seeking re-election next year to stay in power for another six years.
According to various observers, the election date is subject to a final agreement in the secret negotiations between Caracas and Washington. On September 11, the London-based Financial Times announced that the results of these meetings could soon be announced, including the release of $3,000 million that would go to a social fund in Venezuela managed by UN agencies, in return for Chavismo agree to set a date for the 2024 presidential election.
Before Maduro’s trip, Venezuelan Vice President Delcy Rodríguez was in Shanghai and Beijing, where she met with Chinese Foreign Minister Wang Yi. “China and Venezuela have forged an unbreakable ironclad relationship, and China strongly supports Venezuela in maintaining its national independence and national dignity,” Wang said, clearly supporting the Chavismo narrative.
The more than two decades that Chavismo held power in Venezuela coincided with the expansion of China’s presence and influence in Latin America.while the US withdrawal was felt in the region.
The China’s trade balance with Latin America and the Caribbean It rose from $14,792 million in 2001 to $451,591 million in 2021. This marked an increase of 2,953.9% in 20 years and made Beijing the region’s second largest trading partner after the United States.
Likewise, according to estimates by the Inter-American Dialogue, China extended $142.2 billion in loans to Latin American and Caribbean countries between 2005 and 2020. This amount exceeds the loans granted by the World Bank (WB) during the same period.
“Given the proximity of the 2024 presidential election, Maduro is asking China for significant economic support, at least $5 billion. “For its part, China could bet on ‘stability’ (of Chavismo in power), ensuring that it continues to collect debts, but also access to investments and resources in Venezuela,” de Alba predicts.
Venezuelan analyst Jesús Seguías points to another line that could ultimately work in favor of Chavismo: ““The confrontation between China and the United States facilitates support for countries located on the geographical periphery of the United States.”to put pressure on Washington.
“Now Cuba, Nicaragua and Venezuela are becoming Latin American allies of high strategic importance for Chinain the confrontation of these two great powers,” says Seguías in a geopolitical interpretation.
According to pollster Delphos accessed by DIARIO DE CUBA, 85% of respondents in Venezuela “consider it necessary and very necessary” for political change to occur in Venezuela This results in the population being restored to the level of prosperity they already enjoyed in the past.
According to Félix Seijas, director of Delphos, In the ten years that Maduro has been in power, he is currently experiencing his worst moment with a view to assessing public opinion.