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China has provided more than 50 billion dollars to Venezuela through the oil exchange loan agreement, which not only guarantees the energy supply for China's fast developing economy, but also provides support for an anti American ally in Latin America.
But nearly three years ago, China inflows Venezuela momentum stall, when oil prices fell, but Venezuela's oil production decline, dominated by national economy has been pushed to the brink of collapse of high inflation, amend the repayment terms of venezuela.
Although it is not willing to help Venezuela, the Chinese development bank may still extend the grace period starting in 2016, the source said. In the grace period, Venezuela only needs to repay the loan interest.
But the financing of the new China has several times on the Venezuelan side request ignored.
"In view of the Venezuelan oil production decline, banks naturally do not want to renew loans," a source Chinese oil industry said anonymously.
When another oil industry sources were asked whether China will tighten conditions, the sources cited a Chinese proverb, "Chinese will not fall".
According to the sources of Venezuela's Ministry of finance, the Commission's arrears in China still have 19 billion 300 million dollars, which is tracked by relevant people in the two countries.
China's policy is to not lend new funds until the old loan is paid off. In April 2016, the interest paid only in the form of paying the old loan can not be realized, because the balance of arrears has not changed.

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