Venezuela looks to China for more financial support

Venezuela is looking to increase its credit line with Beijing as China becomes an important funding source for the financially troubled South American country, the Wall Street Journal reported. "They [China] have provided US$8 billion, and we’re talking about them bumping that up to near US$20 billion," Venezuela president Hugo Chavez said. China and Venezuela have signed a number of credit-for-oil agreements allowing Beijing to boost oil supplies while Caracas gets some much needed cash without any strings attached. "When Venezuela used to get financing, the IMF would come here and impose conditions and rules, and sometimes it would even dismantle our laws," President Chavez said. "But now, with China and Venezuela, we’re on equal footing."