China is diversifying its presence in South America to Peru and other countries with less socialist-leaning governments, The Financial Times reported, citing academics’ analyses. Concerns have grown about about China’s model of lending secured against commodities, according to Li Renfang, Latin American analyst at Southwest University of Science and Technology in Sichuan. Venezuela has borrowed more than $50 billion from China, but has come under pressure from a steep drop in crude oil prices. Li said it was “safer for China to lend the money to center-right governments.”
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