Sino-Venezuelan Relations: Beyond Oil

Abstract

Sino-Venezuelan relations have witnessed an unprecedented intimacy since the beginning of Hugo Chάvez`s presidency in 1999. While scholars hold divergent views on the possible implications of the suddenly improved bilateral relationship, they have reached a basic consensus that oil has been the driving force. This article explores the underlying dynamics of this relationship from the Chinese perspective. It argues that oil interest actually plays a rather limited role and will continue to remain an insignificant variable in Sino-Venezuelan ties in the foreseeable future. Despite the apparent closeness of the ties in recent years, the foundation for continued improvement in the future seems far from solid. Sino-Venezuelan relations have caused serious concerns in the United States, which, for centuries, have seen Latin America as its sphere of influence. Although the neo-conservatives are worried about the deviant chάvez administration and a rising China, the chance of any direct U.S. intervention remains slim. Nevertheless, the China-U.S.-Venezuelan triangular relationship poses a challenge to the Chinese leadership in its effort to balance its various foreign policy objectives.