CCTV9英语新闻：中国与委内瑞拉签署40亿美元贷款换石油协议（在线收听）

The money will be repaid by oil shipments to China. The 38 new agreements aim to strengthen economic ties between the two countries in industries such as energy, mining and transportation.

"Our relations are going into a comprehensive strategic area. China is willing to work with Venezuela to take advantage of this moment to promote bilateral ties and develop them at a higher level," Xi said.

"The funding as we all know will not put our country into heavy debt. It’s a financing that is backed by production and the supply of oil barrels. It provides a virtuous formula that allows for financing and development without creating heavy debt like in the old system, when Venezuela applied the neoliberal system," Venezuelan president Nicolas Maduro said.