While Beijing is an indispensable economic and political partner to Caracas, the Latin American nation is also very important to China. China views the oil-rich socialist country as a significant trading partner and a geopolitical ally in its main political and economic rival US's backyard. Moreover, the investments Beijing made in the country in the last couple of decades made Venezuela an important component in China's future economic prosperity and energy security.
Cooperation between China and Venezuela began to grow significantly following Hugo Chavez' ascent to power in 1999. Following Chavez' death in 2013, the good relations between the two nations continued under Maduro's presidency. From 2000 to 2018, the trade between the two countries increased more than 20-fold and the value of Chinese direct investment to the country reached $6bn. Meanwhile, the total value of Chinese loans to Venezuela surpassed the $60bn mark.