Email this article 
Economic relations between China and Venezuela: modern characteristics and prospects
- Authors: Koval A.G.1, Sorokin M.I.1
-
Affiliations:
- Saint Petersburg University
- Issue: Vol 29, No 1 (2021)
- Pages: 197-209
- Section: INTERNATIONAL TRADE IN THE CONDITIONS OF GLOBALIZATION
- URL: https://journals.rudn.ru/economics/article/view/26025
- DOI: https://doi.org/10.22363/2313-2329-2021-29-1-197-209
Cite item
Full Text
Abstract
Venezuela suffers currently from a deep economic and political crisis. China, being significant partner for Venezuela, has recently increased its presence on the Venezuelan market. The study reveals the distinguishing features of modern Chinese-Venezuelan economic relations. It analyzes China's foreign economic strategy in Latin America and identifies the trends in trade, investment and finance relations between China and Venezuela. The conclusion is made that the Chinese strategy in Venezuela is not based on the concept of “South - South” cooperation, but it more relates to the “North - South” approach. At the same time, the political factor plays an increasingly significant role in the development of relationship between states from a perspective of escalation of the confrontation between the United States and China. The possible scenarios and consequences of the Venezuelan political crisis for China are identified and certain comparisons with Russia are presented.
About the authors
Alexandra G. Koval
Saint Petersburg University
Author for correspondence.
Email: a.koval@spbu.ru
PhD, Associate Professor, Associate Professor of the Department of World Economy
7/9 Universitetskaya Emb, Saint Petersburg, 199034, Russian FederationMikhail I. Sorokin
Saint Petersburg University
Email: st071168@student.spbu.ru
3rd year student of the program “Economics (with in-depth study of the economy of China and the Chinese language)” of the Department of World Economy
7/9 Universitetskaya Emb, Saint Petersburg, 199034, Russian FederationReferences
- Briceño-Ruiz, J., & Molina Medina, N. (2020). China – Venezuela relations in a context of change. In R. Bernal-Meza & L. Xing (Eds.), China – Latin America Relations in the 21st Century. International Political Economy Series (pp. 147–168). Palgrave Macmillan, Cham.
- Galenovich, J.M. (2016). Global'naja strategija Kitaja [China’s global startegy]. Moscow, Russkaja panorama Publ. (In Russ.)
- Hernández, D., & Chaudary Y. (2015). La Alianza Bolivariana para los Pueblos de Nuestra América – Tratado de Comercio de los Pueblos (ALBA-TCP). Vigencia y viabilidad en el actual contexto venezolano y regional. Friedrich Ebert Stiftung. Retrieved October 21, 2020, from https://library.fes.de/pdf-files/bueros/caracas/11379.pdf
- Kaplan, S.B., & Penfold, M. (2019). China – Venezuela economic relations: Hedging Venezuelan bets with Chinese characteristics. Wilson Center Executive Report: Economics and Globalization.
- Kheifets, L.S., & Konovalova, K.A. (2019). Latin American reflections on integration processes: From theory of peripheral capitalism to “Sudamexit”. Vestnik RUDN. International Relations, 19(2), 218–233. (In Russ.)
- Koval, A.G., & Rouvinski, V. (2020). Russia in Latin America: Beyond economic opportunities. In A. Ferrari & E. Tafuro Ambrosetti (Eds.), Forward to the past?: New/old theatres of Russia’s international projection (pp. 108–129). Milan, Ledizioni.
- Lavut, A.A. (2018). Novyj jetap razvitija kitajsko-latinoamerikanskih otnoshenij [New stage in Chinese and Latin America relationship]. Latinskaja Amerika [Latin America], (12), 59–73. (In Russ.)
- Leksjutina, J.V. (2011). Jekonomicheskaja jekspansija: Real'nost' vyzova Vashingtonu [Economic expansion. Washington real challenge]. Latinskaja Amerika [Latin America], (8), 37–47. (In Russ.)
- Pezoldt, K., & Koval, A.G. (2012). Transformacionnye processy v Latinskoj Amerike: Prichiny i tendencii [Transformation processes in Latin America: Reasons and trends]. Latinskaja Amerika [Latin America], (9), 4–18. (In Russ.)
- Piccone, T. (2020). China and Latin America: A pragmatic embrace. The Brookings Institution. Retrieved October 21, 2020, from https://www.brookings.edu/wp-content/uploads/2020/07/FP_20200720_china_latin_america_piccone_v2.pdf
- Popova, L.V. (2017). Rol' preferencial'nyh soglashenij v torgovle Kitaja so stranami Latinskoj Ameriki [The role of preferential agreements in China's trade with Latin American countries]. In V.L. Kheifets & L.S. Kheifets (Eds.), Rossija i Iberoamerika v Globalizirujushhemsja Mire: Istorija i Sovremennost': Doklady i Materialy Tret'ego Mezhdunarodnogo Foruma [Russia and Iberoamerica in the Globalizing World: History and Present: Reports and Materials of the Third International Forum] (pp. 1635–1645). Saint Petersburg, Skifija-Print. (In Russ.)
- Rosales, A. (2016). Deepening extractivism and rentierism: China’s role in Venezuela’s Bolivarian developmental model. Canadian Journal of Development Studies, 37(4), 560–577.
- Rozental, D.M. (2020). SShA i levye rezhimy v Latinskoj Amerike: Podhod administracii D. Trampa [The USA and the left regimes in Latin America: The approach of the Trump administration.]. Iberoamerikanskie tetradi [Iberoamerican notebooks], (3), 46–49. (In Russ.)
- Safronova, E.I. (2019). Venesujel'skij krizis vlasti: Pozicija KNR [Venezuelan power crisis: The position of the PRC]. Kitaj v Mirovoj i Regional'noj Politike. Istorija i Sovremennost' [China in World and Regional Politics. History and Modernity], 24(24), 296–313. (In Russ.)
- Safronova, E.I. (2020). Latinoamerikanskij vektor aktual'noj vneshnej politiki Kitaja [The Latin American vector of China's current foreign policy]. Latinskaja Amerika [Latin America], (2), 30–46. (In Russ.)
- Shamshina, V.N. (2016). Strategicheskoe partnerstvo Kitaja i Venesujely: Problemy i perspektivy [Strategic partnership between China and Venezuela: Problems and prospects]. Mirovaja Jekonomika i Mezhdunarodnye Otnoshenija [World Economy and International Relations], 60(8), 96–102. (In Russ.)
- Strigunov, K.S., & Manojlo, A.V. (2019). Krizis v Venesujele i raskol vnutri chavistskogo rukovodstva [Crisis in Venezuela and a split within the Chavista leadership]. Bulletin of Moscow State Regional University. Series: Economics, (4), 57–73. (In Russ.)
- To, E.M.Y.H., & Acuña, R. (2019). China and Venezuela: South – South cooperation or rearticulated dependency? Latin American Perspectives, 46(2), 126–140.
- Truhin, J.N. (2020). Kitaj i strany ALBA v XXI veke [China and the ALBA countries in the 21st century]. Latinskaja Amerika [Latin America], (2), 47–63. (In Russ.)
- Ushanov, S.A., & Reshad, S.A. (2020). USA – China: Bad peace is better than a good “trade war”. RUDN Journal of Economics, 28(2), 273–287. (In Russ.)
- Vargas, S. (2020). Staying afloat: Shipping networks in the wake of U.S. sanctions on Venezuela. C4ADS, IBI Consultants. Retrieved October 21, 2020, from https://www.ibiconsultants.net/_pdf/staying-afloat_final_0708_reduced.pdf
