According to the recent information, China and Venezuela have signed bilateral agreements on economic cooperation. The deals include a $4 billion credit line in exchange for Venezuelan oil and other profitable products. The countries continue their efforts to strengthen their ties in the financial, energy, mining, and agricultural sectors. Back in 2001, China and Venezuela established the strategic partnership for common development and signed over 200 various contracts. Last year, the trade balance of these two countries grew 40 times faster than in 2001, thus reaching $19.2 billion. Now China is the second-largest market for oil from Venezuela. The oil deliveries to the Empire edged up by 25 times. The current total volume is about 30.5 million tons. Recently, Beijing has been increasing trade cooperation largely with Latin America. Argentina and Cuba are important strategic partners of the Chinese government too. In 2009, China became the largest trade partner for Brazil. The eastern country has been interested in the Venezuelan crude oil for a long time.
