- Title: China reaches consensus with Venezuela on financial cooperation
- Date: 17th May 2016
- Summary: BEIJING, CHINA (MAY 17, 2016) (REUTERS) CHINESE FOREIGN MINISTRY SPOKESMAN, HONG LEI, WALKING IN FOR REGULAR BRIEFING MEDIA SEATED (SOUNDBITE) (Mandarin) CHINESE FOREIGN MINISTRY SPOKESMAN, HONG LEI, SAYING: "The financing cooperation between China and Venezuela is a commercial cooperation conducted by the two sides' banks and enterprises, which is mainly used to (finance) the economic and social development projects in Venezuela and cooperation projects between China and Venezuela. Those cooperations brought real benefits to both sides. Considering the current international oil price changes, the two sides have agreed to discuss the flexible and effective methods of improving the financial cooperation mechanism between the two countries on the basis of mutual benefits." BRIEFING IN PROGRESS EXTERIOR OF CHINESE FOREIGN MINISTRY CHINESE NATIONAL FLAG FLYING
- Embargoed: 1st June 2016 10:51
- Keywords: Venezuela financial cooperation consensus oil for loans deal China
- Location: BEIJING, CHINA
- City: BEIJING, CHINA
- Country: China
- Topics: Diplomacy/Foreign Policy,Government/Politics
- Reuters ID: LVA0014I73NET
- Aspect Ratio: 16:9
- Story Text: China's Foreign Ministry said on Tuesday (May 17) it had reached consensus with Venezuela on strengthening financial cooperation, after Venezuela said its main financier would improve the conditions of an oil-for-loans deal.
"The financing cooperation between China and Venezuela is a commercial cooperation conducted by the two sides' banks and enterprises, which is mainly used to (finance) the economic and social development projects in Venezuela and cooperation projects between China and Venezuela. Those cooperation's brought real benefits to both sides. Considering the current international oil price changes, the two sides have agreed to discuss the flexible and effective methods of improving the financial cooperation mechanism between the two countries on the basis of mutual benefits," said foreign ministry spokesman Hong Lei.
Venezuelan Economy Vice-President Miguel Perez told Reuters on Monday (May 16) that all conditions, including loan timeframes, investment amounts and non-financial aspects, had been improved, giving the OPEC member's crisis-hit economy "oxygen" ahead of heavy debt payments.
The OPEC country, which has received about $50 billion in Chinese financing since 2007, is also struggling with a contracting economy and runaway inflation, following a collapse in oil prices.
Venezuelan President Nicolas Maduro has imposed a 60-day state of emergency due to what he called plots by the United States and within his own country to subvert him. - Copyright Holder: REUTERS
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