Venezuela’s President Nicolas Maduro (L) shakes hands with China’s President Xi Jinping during a meeting at the Great Hall of the People, in Beijing, China, September 13, 2023. (Photo by Reuters)

Chinese President Xi Jinping and his visiting Venezuelan counterpart, Nicolas Maduro, announce the elevation of bilateral ties to all-weather strategic partnership.

The establishment of an all-weather strategic partnership between China and Venezuela meets the common expectations of the two peoples and conforms to the general trend of historical development, Chinese President Xi Jinping said following a meeting with his visiting Venezuelan counterpart, Nicolas Maduro, in Beijing on Wednesday.

He also hailed relations with Venezuela as upgrading.

Maduro is in China for a one-week visit aimed at boosting cooperation between Caracas and Beijing. He arrived in Beijing on Tuesday after a tour of Shanghai and other Chinese cities.

During their meeting, the two leaders also agreed to upgrade bilateral relations on different areas, including economy, trade and tourism, according to Xinhua.

The Chinese leader also called on the two sides to push for more fruitful China-Venezuela strategic cooperation, bring more benefits to the two peoples and inject more positive energy into world peace and development.

China cherishes the valuable experience gained in this process and will continue to push forward reform and opening up. No force can stop China’s development and progress, Xi further said.

Maduro, for his part, said that his country’s national development and Venezuela-China ties were at a significant stage.

The establishment of an all-weather strategic partnership is of historic significance and will surely usher in a new era of bilateral relations, he noted.

Maduro added that Venezuela was willing to learn from China’s experience in building special economic zones and deepening practical cooperation in agriculture, investment, education, and tourism.

Last week, the Venezuelan president posted on social media that his historic visit was aimed at strengthening cooperation and the construction of a new world order.

Caracas has in the past traded oil to receive funds and equipment from the Asian powerhouse to bolster its crisis-hit economy, which is suffering from some of the world’s worst inflation.

China is the world’s largest importer of crude oil, while Venezuela has the largest proven reserves in the world.

Beijing extended about $50 billion worth of loans to Venezuela in the 2010s. It also provided equipment and technological assistance, while Caracas paid for its debts with shipments of oil.

Both China and Venezuela share strong anti-US sentiments, as Washington has slapped numerous sanctions against Beijing and Caracas.