South China Morning Post: China Won’t Interfere in Venezuela

Three years ago, the United States was Venezuela’s top trade partner, accounting for 43 percent of exports and 29 percent of imports. Rising animosity in US-Venezuelan relations increased Venezuela’s reliance on China including oil-for-loan deals. The country’s economy has collapsed and China may be giving up on Venezuela, too: Basic goods and food are unavailable, crime is widespread, and the International Monetary Fund reports inflation exceeding 13,000 percent this year. Millions boycotted the most recent presidential election and Nicolas Maduro was reelected. Chinese living in the country describe the troubled election and “president’s win as a disaster for the oil-rich country,” reports He Huifeng for South China Morning Post. Venezuela citizens and immigrants are fleeing, and “the country now serves as a reminder to Chinese individuals, businesses and officials of the perils of venturing abroad.” Venezuela ranks first in the world for proven oil reserves, but suffers from government mismanagement since Hugo Rafael Chávez Frías took power in 1999 followed by his handpicked successor Maduro in 2013. – YaleGlobal