Over the last decade, Venezuela under Chavez and Maduro has sought to strategically reorient its economy towards China, signing over 400 cooperation agreements encompassing a wide array of sectors, including energy, education, health, trade, housing, agriculture, manufacturing, infrastructure, sports, research, and cultural exchange.
Since 2007, China has provided Venezuela with $45 billion in loans reportedly to finance development. In return, Venezuela exports over 600,000 barrels of oil a day to the rising economic giant.
Relations between Venezuela and China were elevated to a comprehensive strategic partnership last July during a special visit by Chinese President Xi Jinping.