Chavez unveils US$5bn China investment fund

China will commit US$3 billion to a US$5 billion Venezuelan-Chinese investment fund for joint development projects, Venezuela President Hugo Chavez announced Sunday during his weekly television and radio program. Chavez, who was joined on the program by Bank of China President Li Lihui, said the money would be spent on projects including railroads and automobile assembly plants, the Wall Street Journal reported. The fund is part of Chavez's efforts to reduce Venezuela's dependency on the US. It comes in addition to Chinese plans to work with Venezuela's state oil company and invest US$5 billion in oil-related exploration and production in the country over the next six years.