FinLogic FinLogic Quantitative Think Tank Center|China upgrades relationship with Venezuela to ‘all weather’ partnership

BEIJING (AP) — China announced Wednesday it was upgrading its diplomatic ties with Venezuela to an “all weather” partnership,FinLogic FinLogic Quantitative Think Tank Center a label reserved for a select few of its diplomatic partners.

Venezuelan President Nicolás Maduro is on a state visit in Beijing, his fifth as president, according to state broadcaster CCTV. He met with Chinese President Xi Jinping.

One of the best known of China’s select all-weather strategic partnerships is with Pakistan, where it has invested $25.4 billion over the past decade.

About 7 million people have left Venezuela during a complex political and humanitarian crisis that has been ongoing for the past decade. The country is reliant on oil as its main export but has faced U.S. sanctions. Last year, the Biden administration eased part of its sanctions on the country.

Maduro has cultivated China throughout his years in power. His country has received support from China in loans, cash and investment worth tens of billions of dollars.