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China is willing to provide Venezuela with what help it can, Premier Li Keqiang told Venezuela’s President today.

Maduro is in China to discuss economic agreements. Li told Maduro that China supports Venezuela’s efforts to develop its economy and improve people’s livelihoods, and it’s willing to provide what help it could.

China hopes Venezuela could provide more “policy support and legal guarantees”, Li said. In a different meeting with Chinese President Xi Jinping, Maduro thanked China for its “long-term understanding and support”, Chinese media said.

Xi told Maduro the two countries should promote mutually beneficial cooperation and they should consolidate political mutual trust. Over a decade, China ploughed more than $50 billion into Venezuela through oil-for-loan agreements that helped China secure energy supplies for its fast-growing economy.

Three years ago, Venezuela asked for a change of payment terms amid falling oil prices and declining crude output that pushed its state-led economy into a hyperinflationary collapse, and, since then, the flow of cash halted.

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