China-Venezuela cooperation aims to improve social welfare for both: Maduro

The cooperation between China and Venezuela have been driven by the goal to improve the social welfare in both countries, Venezuelan President Nicolas Maduro said on Sunday.

He made the remarks on his regular radio program, in which he underscored the recent signing of bilateral agreements with China, all in a bid to promote the bilateral cooperation in areas like trade, science and technology, industry, aerospace, agriculture, culture and education.

Maduro said that these agreements can benefit the average Venezuelans by strengthening their country's community-based production and distribution units.

"They are important agreements to take ironworks, carpentry workshops, the textile industry and the entire retail system of the Local Supply and Production Committees to communities in the interior (of the country), with the best Chinese technology," the top Venezuelan leader said.

In addition, China has offered the cash-strapped Venezuela innovative financing projects that don't require expensive loans.

"With China, we have developed totally new financing mechanisms ... for development that do not generate debt for Venezuela. They are mechanisms that are paid off with the crude and oil we ship to China," said Maduro.

In 2001, the two countries established a high-level bilateral committee to explore opportunities for further cooperation. Since then, China and Venezuela have launched some 790 concrete projects to boost housing, public transportation, technology transfer and other areas in the South American nation, according to the Venezuelan News Agency.

"We are going to continue to make strong progress with our agreements with China," Maduro said.

The two countries have now been focused on priority projects in agriculture and mining, as Venezuela works to become a key supplier of gold, diamond, bauxite, copper and coltan, which is used to make electronic components. Endi