Economist Podcasts Xi’s not there: what China’s Venezuela response reveals
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Jan 6, 2026 
In this enlightening discussion, Aaron Connolly, Asia diplomatic editor, unpacks the complex Sino-Venezuelan relationship, detailing decades of Chinese loans and oil trades. He explores China's restrained response to U.S. actions in Venezuela and examines how this affects perceptions of Chinese reliability among allies. The conversation delves into regional Asian reactions, potential shifts in Taiwan strategy, and the implications for the global dollar's status. Connolly reveals how instability in Venezuela could serve China's interests in challenging U.S. influence.
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China’s Limited Strategic Commitment
- China is Venezuela's largest creditor and top oil buyer but Venezuela is not central to Beijing's core interests.
- Aaron Connolly says China invested to build influence in Latin America but still prioritises Asia.
Regional Caution Over Condemning The U.S.
- Many Asian countries issued cautious or muted responses to the U.S. operation in Venezuela to avoid upsetting Washington.
- Aaron Connolly says they fear the economic consequences of damaging ties with the United States.
Venezuela Event Won’t Reshape Taiwan Calculus
- The Venezuela raid does not set a precedent for China over Taiwan because Beijing treats Taiwan as an internal matter.
- Aaron Connolly argues U.S. military power, not international law, is the key deterrent against a Chinese attack on Taiwan.