Economic relations between China and Venezuela: modern characteristics and prospects

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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 Federation

Mikhail 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 Federation

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Copyright (c) 2021 Koval A.G., Sorokin M.I.

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