New Delhi, Jan 6 (IANS) The US capture of Venezuelan President Nicolas Maduro has raised questions about how the resulting political instability could affect China’s significant economic interests there, as it is Venezuela’s largest creditor and, by far, its largest buyer of oil, accounting for more than 80 per cent of crude exports, according to a new report.

Before his capture by the US, Maduro met Qiu Xiaoqi, China’s special representative for Latin American Affairs, at the Miraflores Presidential Palace, and described the relationship between Beijing and Caracas as “the perfect union to the test at all times, always victorious and at full speed”, The Straits Times reported.

The report said that China and Venezuela elevated bilateral relations to an “all-weather strategic partnership” in 2023 when Maduro met President Xi Jinping in Beijing.

“Venezuela is the only country in Latin America with this designation, which is meant to reflect high political trust and mutual support in international issues,” the report stressed.

Professor Jiang Shixue of Shanghai University was quoted as saying in the report that “China’s greatest concern would be that its investment in Venezuela would be adversely affected by the current political crisis caused by the US”.

Beijing is a major investor in mining and infrastructure under Xi Jinping’s Belt and Road Initiative.

In 2024, bilateral trade in goods reached $6.4 billion, a year-on-year increase of 52.5 per cent.

According to reports, Venezuela has nearly $12 billion in outstanding debts with China as part of an oil-for-loans programme by the China Development Bank. Forbes recently reported that the amount “is the largest single-country commodity-backed position in Beijing’s portfolio, out of the $60 billion extended since 2007”.

In May last year, private firm China Concord Resources Corp signed a rare 20-year deal to develop two Venezuelan oilfields, in a project with a planned investment of $1 billion.

Meanwhile, China’s Foreign Ministry has expressed “serious concern” over the US detention of Maduro, adding that US actions “clearly violate international law and the basic norms governing international relations”.

According to a spokesperson, China calls on the US to ensure the personal safety of President Maduro and his wife, immediately release him and his wife, cease its efforts to subvert the Venezuelan regime, and resolve the issue through dialogue and negotiation.

–IANS

na/vd