What's at stake for China's economic interests in Venezuela

Venezuelan President Nicolas Maduro’s last publicly reported meeting - just hours before his capture - was with a Chinese special envoy to reaffirm Beijing’s support for the Latin American country and champion for a new multipolar world order.

- Aw Cheng Wei China Correspondent Lim Min Zhang China Correspondent

In his farewell to Mr Qiu Xiaoqi, China’s special representative for Latin American Affairs, at the Miraflores Presidential Palace, he described the relationship between Beijing and Caracas as “the perfect union to the test at all times, always victorious and at full speed”.

Now, US President Donald Trump’s orders on Jan 3 to capture Maduro have raised questions about how the resulting political instability could affect China’s significant economic interests in Venezuela, Beijing’s key partner in Latin America.

Maduro and his wife are currently in New York following air strikes by the US. They are facing drug trafficking and weapons charges, among other allegations, levelled against them by Mr Trump.

Beijing has courted Caracas as part of China’s expansion of influence in Latin America in recent decades. The region, traditionally considered the US’ backyard, has experienced renewed US foreign policy interest under Mr Trump.

China and Venezuela elevated bilateral relations to an “all-weather strategic partnership” in 2023 when Maduro met President Xi Jinping in Beijing. China shares this highest-tier of bilateral relationship with only a handful of close partners, including Belarus and Pakistan.

Venezuela is the only country in Latin America with this designation, which is meant to reflect high political trust and mutual support in international issues.

During the two leaders’ last meeting in Moscow in May 2025, Mr Xi told Maduro that “China has always viewed and developed relations with Venezuela from a strategic and long-term perspective”.

“It will, as always, firmly support Venezuela in safeguarding state sovereignty, national dignity and social stability,” he added then.

Professor Jiang Shixue of Shanghai University told The Straits Times that “China’s greatest concern would be that its investment in Venezuela would be adversely affected by the current political crisis caused by the US”.