Over the weekend the Venezuelan president, Hugo Chavez that China had agreed to lend them $20 billion. This cooperation is likely due the the fact that China wants to increase relations with Venezuela in order to secure oil supplies there. This announcement follows other financial agreements that Venezuela has made with China in order to help their economy. In exchange for China's help, Venezuela has raised their oil exports to China, and have also bought military weapons from them. Mr Chavez stated that all the oil that China needs for their growth and consolidation as a power can be found in Venezuela. Even though America is still the top buyer of oil from Venezuela, the rise in the amount of oil being sold to China just shows how much of a world power they are.
Submitted by:
Madelyn Higdon
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