New Client States: China steps in to support Venezuela, Ecuador as oil prices tumble WBRVvey

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New Client States: China steps in to support Venezuela, Ecuador as oil prices tumble

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New Client States: China steps in to support Venezuela, Ecuador as oil prices tumble Vide

Subject: New Client States: China steps in to support Venezuela, Ecuador as oil prices tumble Thu Jan 08, 2015 7:00 pm

That would threaten the U.S.’s traditional pre-eminence as the region’s biggest trading partner, inevitably diluting its political clout there. However, it’s not clear quite how Xi arrived at his figures. Although trade and investment have rocketed in the last 20 years as China has sucked up natural resources from around the world to fuel its industrialization, growth slowed sharply in the first 11 months of last year, as China refocused its economy on domestic demand. According to CELAC figures, trade volumes grew only 1.3% year-on-year in the first 11 months of 2014. Despite that, China remains the biggest buyer for Venezuelan oil, Chilean copper and Argentinian soybeans, among other things. Of more immediate impact than Xi’s promises Thursday were agreements to bankroll the governments of Venezuela and Ecuador, two of the most viscerally anti-U.S. regimes in the region and two oil exporters who are struggling with the consequences of the 60% drop in oil prices since the start of last year. Venezuelan President Nicolas Maduro was reported as saying that he had secured over $20 billion in investment from the state-owned institutions Bank of China and China Development Bank, adding to over $45 billion in the last 10 years. He didn’t give details of the loans’ terms. Ecuador, meanwhile, said it had agreed a new $5.3 billion credit line with China’s Export-Import Bank and $2.2 billion in other funding. https://fortune.com/2015/01/08/china-steps-in-to-support-venezuela-ecuador-as-oil-prices-tumble/

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