AP NEWS

Venezuela leader heads to China, already major ally

September 12, 2018

CARACAS, Venezuela (AP) — Venezuelan President Nicolas Maduro is heading to China on a trip aimed at deepening ties with major partner.

President Nicolas Maduro said before boarding a plane Wednesday that his agenda includes advancing commercial, energy and financial deals with China, whose economic backing has been crucial to his government.

The Asian giant is one of Venezuela’s biggest creditors, providing it loans, cash and investment in the last decade totaling more than $65 billion.

Maduro has just launched a raft of sweeping economic reforms at home aimed at turning around the plummeting economy, with inflation expected to hit 1 million percent this year. The revamp includes a new currency, boosting the minimum wage more than 3,000 percent and raising taxes.

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