This essay argues that China’s non-interventionist principles and practices have important limitations and that the governance of the commodity-backed loans will require substantive reform if China wants to secure repayment. For Venezuela, long-term practices of rentierism and an authoritarian leadership that eroded oversight and accountability meant that the development goals that inspired its deals with China could not be achieved. Meanwhile, China’s non-interventionism limits its ability to successfully implement the projects it finances.
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