Venezuela will increase its oil exports to China to one million barrels a day, President Nicolas Maduro has said, following a visit to Beijing.

Already a strong economic partner, China had agreed to invest an additional $5 billion in Venezuela, Maduro said yesterday, adding that the investment would help it boost production and nearly double its oil exports to China.

“We are taking the first steps into a new economic era,” he said, as cited by the Associated Press news agency. “We are on track to have a new economy, and the agreements with China will strengthen it.”

Maduro spent two days in China last week, welcomed by counterpart Xi Jinping, and attended meetings at the China Development Bank and the China National Petroleum Corporation (CNPC).

On Twitter, the president said both countries signed a total of 28 agreements, adding to the more than 700 development projects in various fields.

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