China is also responsible for the current Venezuelan crisis

Each time a new set of agreements is signed between Venezuela and China, a new wave of official praise continues regarding the relationship with the so-called "Asian giant". President Maduro declared in Beijing on September 13 that his visit would mark "a new era in relations between China and Venezuela," assuring that "everything we have already built together with Commander Chavez will be enlarged. The Chinese government, for its part, insisted on its traditional axiom of alliances on the basis of equality and mutual respect, in accordance with the principle of reciprocal benefit.

However, rather than just a savior or a good ally, the reality is that China is also one of several responsible for the serious crisis that Venezuela is currently experiencing, insofar as it has been a key actor in the deepening of the evils of rentism/extractivism and of our condition of systemic dependence and vulnerability. The Chinese government has not only directed its credits and investments fundamentally to the primary sector and infrastructure - emphasizing that its pattern of direct investments in Latin America is directed in almost 90% to the extraction of resources and energy -, but it has configured a type of bilateral chain of submission based on agreements of progressive indebtedness on the part of Venezuela, which are paid with daily shipments of oil, calculated in amounts in foreign currency (US$) estimated according to the price of the barrel of the day (bases of operation of the China-Venezuelan Fund).

This formula at first (2007-2014) formed the development-indebtedness connection, placing the crude oil that will be extracted in the future as the main payment guarantee (creating in fact a mortgage situation), in order to finance the developmental/extractivist delirium of the "Venezuela World Energy Power" (Plan de la Patria), based fundamentally on the growth of production in the Orinoco Oil Belt - FPO (Plan Siembra Petrolera). This expansion of extractivism, in theory, would guarantee the simultaneous fulfillment of the amortizations of the debt; the necessary stability and increase of internal consumption, in order to expand the export of Chinese products to Venezuela (having previously established in the lines of credit that part of the loans will be spent on the consumption of Asian goods); and the expansion of the Venezuelan oil supply, taking into account that China is the second world consumer of crude oil and that it is interested in diversifying its suppliers.