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AP: "China is breaking new ground by aggressively locking down commodities around Latin America through large loans, investments and other financial arrangements, said Orville Schell, director of the Center on U.S.-China Relations at the Asia Society in New York.
"I don't know of any other government which has done this sort of securing of rights for commodities and natural resources so systematically around the Third World as China, and they've used a whole host of new financial instruments to do this," Schell said.
"China's been very, very prolific in spreading its investments around Africa and Latin America, even though the terms aren't ideal."
AND: "Viva China!" Chavez exclaimed during a televised meeting with business leaders from Beijing, thanking them for helping set up mobile phone factories and build railways and public housing in Venezuela. He gushed: "I'm in love with China."
"Countries such as Venezuela and Ecuador would otherwise have few options for obtaining such large lines of credit, in part due to their presidents' hostility toward traditional lenders such as the World Bank and the International Monetary Fund, Downs said.
The China Development Bank has become a convenient "lender of last resort," Downs said, and Venezuela's government, in fact, has become the bank's biggest foreign borrower."
