The Trump administration’s envoy on Venezuela said China appears to be scaling b...
WASHINGTON - The Trump administration’s envoy on Venezuela said China appears to be scaling back economic support for President Nicolas Maduro, and Beijing acknowledged a diminishing role largely due to U.S. sanctions against the OPEC nation.
Abrams said China’s involvement in Venezuela “is diminishing, not growing” because of Beijing’s increased concern about economic mismanagement and corruption under Maduro. Washington and dozens of other countries have recognized opposition leader Juan Guaido, not Maduro, as the country’s legitimate president
But when asked about Abrams’ comments, China’s foreign ministry said that after decades of growing economic ties, “presently, China and Venezuela are stopping or slowing down some of our cooperation, namely due to sanctions and other factors.” But as Chinese growth leveled off and crude became plentiful after the 2014 oil price collapse, China had less to gain from the relationship. Caracas, caught in an economic meltdown, is estimated to owe Beijing nearly $20 billion in outstanding loans.
Despite a U.S.-led pressure campaign, Maduro – who accuses Guaido of being Washington’s puppet - remains in office, backed by the military as well as longtime ally Cuba. His staying power has been a source of frustration for Trump, U.S. officials have said privately.
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