特朗普公然逮捕马杜罗，开辟对华新战线
美国领导人强硬对待委内瑞拉的举动有可能在美中之间引发新的冲突点。
彭博新闻社报道
2026年1月8日上午8:00（GMT+8）
更新于2026年1月8日下午6:30（GMT+8）
上周，唐纳德·特朗普公然从加拉加斯家中强行带走尼古拉斯·马杜罗，也向中国国家主席习近平发出了一个明确的信息：西半球容不下另一个超级大国。
美国军方对委内瑞拉的突袭——委内瑞拉拥有世界最大的石油储量，也是拉丁美洲唯一一个与北京拥有“全天候战略伙伴关系”的国家——标志着特朗普所称的“唐罗主义”的大胆亮相。该主义复兴了19世纪时任总统詹姆斯·门罗确立美国在美洲主导地位的政策。
中国-北京-习近平-中国-拉丁美洲和加勒比国家共同体（中非）论坛-第四次部长级会议-开幕式（中文）
2025年，习近平主席与巴西总统路易斯·伊纳西奥·卢拉·达席尔瓦（左）和哥伦比亚总统古斯塔沃·佩特罗（右）在北京举行的中国—拉美及加勒比国家共同体（CELAC）论坛上合影。（丁海涛/新华社/eyevine/Redux）
该计划在上个月发布的白宫《国家安全战略》中得到明确阐述，其中声称美国有权单方面阻止竞争对手拥有或控制“具有战略意义的资产”。其中一条尤其大胆的表述宣称，美国“应尽一切努力将那些在该地区建设基础设施的外国公司驱逐出去”。
马杜罗下台后，美国官员也发表了类似的声明。国务卿马可·卢比奥宣称，白宫不会“允许西半球成为敌对势力、竞争对手和反对者的行动基地”。美国常驻联合国代表迈克·沃尔兹则更加直言不讳地指责北京：“中国正以惊人的侵略性进军西半球，进军南美洲，”他告诉福克斯新闻，“特朗普总统和卢比奥国务卿正在对此进行坚决抵制。”
然而，除了强硬的言辞之外，特朗普政府究竟将如何实现这一目标尚不明朗。美国广播公司（ABC）周二报道称，白宫要求委内瑞拉减少与中国、俄罗斯、伊朗和古巴的关系，包括切断经济联系。然而，在幅员辽阔、政治立场多元的地区提出此类要求将困难得多，而且势必会引发轩然大波。
墨西哥国立自治大学墨西哥-中国研究中心主任恩里克·杜塞尔·彼得斯表示：“美国的反应迟了20年。”他指出，即使在与美国贸易联系密切的地区，中国在整个地区深度整合的供应链也很难瓦解。“几乎整个21世纪以来，中国在拉丁美洲的经济事务中都占据着主导地位。”
自本世纪初以来，中国与拉丁美洲的商品贸易额激增，在短短几年内增长了40多倍，预计到2024年将达到5180亿美元，对美国在该地区长期占据的经济主导地位构成了挑战。该地区居民越来越多地驾驶比亚迪汽车，使用小米智能手机，并通过滴滴出行而非优步订餐。
比亚迪坚持巴西产量计划
2025年1月，比亚迪位于巴西卡马卡里的工厂正在建设中。摄影：Tuane Fernandes/彭博社
据美国研究机构荣鼎集团（Rhodium Group）的数据显示，中国对拉丁美洲的投资规模也相当可观，到2025年第三季度，直接投资项目总额将超过1800亿美元。彭博经济研究显示，自本世纪初以来，中国在拉丁美洲33个国家中的14个国家的经济影响力已经超过美国。在此期间，包括洪都拉斯和尼加拉瓜在内的多个国家政府也放弃了与台湾的外交关系，转而承认北京。
中国如何主导全球航运港口
目前，该地区各国政府似乎对白宫的威胁不以为然，这主要是因为他们认为，一个目光短浅的美国无法为该地区提供替代中国投资的方案。在拉丁美洲最大的经济体巴西，负责处理中国投资的官员认为，特朗普的行动仅限于委内瑞拉。这些官员要求匿名，以便讨论政府政策。他们表示，总统路易斯·伊纳西奥·卢拉·达席尔瓦不会在美中之间选边站队，而且巴西整体上认为，其多元化的贸易关系能够为与特朗普政府的谈判提供筹码。
中国在拉丁美洲面临“唐罗式”考验
数据来源：AidData的地理空间全球中国发展融资数据集
注：地图显示的是已知大致位置的项目。数据集包含2000年至2021年中国的贷款和赠款。融资额以2021年不变美元计价。
这些观点在该地区主要经济体中普遍存在，一些要求匿名的官员也表达了类似的看法。在墨西哥，一位参与美墨贸易谈判的重要参议员表示，委内瑞拉的举动不会改变墨西哥对华政策。阿根廷一位外交官也表达了类似的观点，该国总统哈维尔·米莱伊的政府一直致力于与北京保持良好关系，同时限制在任何敏感的军事或政治领域的接触。秘鲁官员强调，与中国日益密切的经济联系不会以牺牲与美国长期以来的防务合作为代价。
在哥伦比亚，特朗普曾警告该国首位左翼总统古斯塔沃·佩特罗“小心点”，此前，佩特罗政府正式加入习近平的“一带一路”倡议后，美国已威胁要停止为涉及中国企业的项目提供多边融资。哥伦比亚副外长毛里西奥·哈拉米略称特朗普的威胁不可接受，并补充说，哥伦比亚需要捍卫其主权和奉行独立自主外交政策的权利。
“我们需要停止妖魔化与中国的关系，并将这种关系与美中关系区分开来，”哈拉米洛在一次采访中说。“因为两国都是朋友。”
目前，特朗普究竟会在多大程度上清除中国在拉丁美洲的影响力，仍是一个未知数。任何落实《国家安全战略》（特朗普团队曾多次声称该战略指导其决策）的具体举措，都可能在该地区引发新的混乱，并可能与中国产生新的潜在冲突点。
尽管目前尚无迹象表明美中贸易休战协议受到威胁（特朗普和习近平今年将举行四次会晤），但马杜罗下台似乎令北京感到震惊，并誓言维护其在该地区的利益。周三，外交部发言人毛宁驳斥了有关美国将施压委内瑞拉切断与中国经济联系的报道，称其为“典型的霸凌行径”。
“我要强调的是，中国和其他国家在委内瑞拉拥有合法权利，这些权利必须得到保护，”她说。
中国挑战美国在拉丁美洲的贸易霸权
中国在南美贸易中占据主导地位，而美国则继续在更北部的地区保持领先地位。
资料来源：国际货币基金组织
一位不愿透露姓名的白宫官员表示，特朗普在授权突袭马杜罗政权时，将对中国获取资源的担忧纳入考量。该官员补充说，总统的目标是确保美国在西半球的主导地位。不过，这位官员也提醒说，其他因素——包括非法毒品和移民问题——才是总统做出这一决定的主要驱动力。
白宫发言人安娜·凯利在回答提问时表示：“正如特朗普总统在其《国家安全战略》中所概述的那样，本届政府正在重申并执行门罗主义，以恢复美国在西半球的主导地位，控制移民，并打击毒品走私。总统有很多选择，可以继续保护我们的国土免受非法毒品的侵害，这些毒品每年夺走数万美国人的生命。”
解读：特朗普如何复兴门罗主义
从巴拿马运河和秘鲁深水港，到安第斯山脉的锂盐滩和委内瑞拉的油田，中国企业已渗透到美国周边众多战略产业中。许多企业开采或运输石油、大豆以及铜、锂等关键矿产等重要商品，同时也在投资包括巴西输电系统在内的关键基础设施。
勒索团伙正虎视眈眈地盯着秘鲁耗资13亿美元的雄心勃勃的超级港口项目。
秘鲁昌凯港。摄影：Alessandro Cinque/彭博社
特朗普究竟如何才能将中国挤出该地区的关键基础设施项目仍不明朗，不过阿根廷或许能提供一些借鉴。阿根廷是豆粕和豆油的主要出口国，去年12月，该国否决了中国竞标一项为期30年的合同，该合同旨在疏浚其主要航道，以便将农作物运往世界各地。阿根廷还阻止了中国在圣胡安建造太空望远镜和在布宜诺斯艾利斯建造核电站的项目。作为回报，特朗普向阿根廷总统米莱提供了价值200亿美元的货币互换协议，这有助于确保10月份的中期选举。
无论如何，中国官员现在正在讨论如何保护海外投资。
曾为中国政府提供咨询的复旦大学美国研究中心主任吴新波表示，北京需要对恐怖分子和像美国这样可能意图攻击中国利益的国家提供足够的威慑。他还补充说，特朗普政府任何针对中国在该地区投资的举动都可能影响更广泛的中美关系，并会引发北京的报复。
吴补充道：“如果美国把我们的一些企业当作人质或攻击目标，我们也可以采取同样的做法。美国在全球都有经济利益，包括在中国。”
能源和金属行业主导中国在拉丁美洲的投资
这些行业占中国迄今为止已完成的外国直接投资项目的大部分。
资料来源：荣鼎集团中国跨境监测报告
注：数据代表2000年至2025年第三季度已完成项目的价值。其他领域包括IT、金融、消费品行业。
去年，习近平利用中国对稀土的控制权，迫使特朗普放弃对中国商品加征超过100%的关税，促成了两国领导人之间的休战，并在10月下旬的会晤中巩固了这一休战局面。与此同时，北京成功阻止了一项协议，该协议将使一家香港企业集团失去对巴拿马运河及其他地区关键港口的控制权，而国有企业中国远洋海运集团有限公司将加入收购财团。
然而，特朗普试图主导南美的新举措可能会导致更强硬的措施。就在美国突袭行动的几个小时前，一个中国高级代表团在加拉加斯会见了马杜罗，马杜罗还在其Instagram页面上分享了双方握手的照片——这表明北京方面对此措手不及。
白宫关注的焦点之一是秘鲁的昌凯深水港。这座耗资13亿美元的巨型港口由习近平主席于2024年底揭幕，它被视为新海上丝绸之路的桥头堡，将大幅缩短中国海运时间。该港口拥有17.8米（58英尺）深的泊位，能够停靠世界上最大的集装箱船和军舰——这引发了人们的担忧，即它未来可能成为中国的军事前哨，但北京方面否认了这一指控。
特朗普2024年当选总统后，其过渡团队顾问毛里西奥·克拉韦尔-卡罗内提议，对所有途经中国在拉美国家或控制的港口的商品征收60%的关税，无论其原产国为何。当时他表示，此举旨在让拉美国家在允许北京在其领土上修建港口之前三思而行。
中国在拉丁美洲的投资不断累积
巴西、秘鲁和智利在中国投资项目总价值方面位居前列
资料来源：荣鼎集团中国跨境监测报告
注：数据代表中国对外直接投资已完成额。2025年数据为第一季度至第三季度。其他数据包括另外17个拉丁美洲和加勒比海国家。
在五角大楼上月发布的中国军力年度报告中，也警告称北京正通过基础设施和能源在拉丁美洲取得重大进展，并指出该地区拥有北京在中国大陆以外“最大的太空基础设施”。其中一个地点是位于阿根廷巴塔哥尼亚地区的太空观测中心，其面积大约相当于纽约中央公园的一半，美国官员长期以来一直猜测该中心用于追踪美国军用卫星。
委内瑞拉将成为检验中国如何维护自身利益的首个试金石。知情人士本周早些时候透露，在马杜罗下台后，中国最高金融监管机构已要求政策性银行和其他主要贷款机构报告其对委内瑞拉的贷款敞口。特朗普在周四发表于《纽约时报》的采访中表示，美国将在未来数年内掌控委内瑞拉并开采其石油。“我们将以一种非常有利可图的方式重建它，”他告诉该报。
位于阿根廷巴塔哥尼亚的中国新空间站上，矗立着一座16层楼高的抛物面天线。
位于阿根廷巴塔哥尼亚地区的中国空间观测站。摄影：Mauricio Lima/《纽约时报》/Redux
2007年，中国成为委内瑞拉的主要贷款方，首次向已故总统乌戈·查韦斯领导下的委内瑞拉提供资金，用于基础设施和石油项目。据估计，截至2015年，北京通过国有银行向委内瑞拉提供了超过600亿美元的石油抵押贷款。
过去十年，中国一直在努力减少对委内瑞拉的依赖，去年从委内瑞拉的进口额预计将仅为13年前的8%。据乔治·华盛顿大学埃利奥特国际事务学院副教授、著有《全球化耐心资本：中国在美洲金融的政治经济学》一书的斯蒂芬·卡普兰称，加拉加斯仍需向中国偿还约200亿美元，其中包括近年来累积的欠款。
中国最大的国有石油天然气巨头之一——中国石油天然气集团公司（CNPC）目前在委内瑞拉拥有最大的业务。据彭博社报道，本周，在委内瑞拉拥有投资的中国主要石油公司向北京官员寻求指导，以保护其投资，并努力使其应对措施与中国的外交战略保持一致，同时挽救其对一些世界最大石油储量的现有主张。中国已在拉丁美洲投资数十亿美元用于水电站、风电场、太阳能发电场以及燃气和燃煤发电机组。例如，根据波士顿大学和彭博新能源财经的数据，北京已帮助厄瓜多尔投资建设了约2.3吉瓦的水电项目，占该国总发电量的四分之一以上。
中国以石油贷款资助查韦斯的连任竞选。
2012年，在委内瑞拉洛斯多斯，一块标牌显示，乌戈·查韦斯与胡锦涛在中国铁路工程总公司蒂纳科-阿纳科铁路项目工地入口处握手。摄影：梅雷迪思·科胡特/彭博社
中国电力投资最集中的地区是巴西。北京已帮助巴西投资超过21吉瓦的电力装机容量，其中大部分是水电项目，约占巴西总发电量的7%。中国国家电网公司已中标价值数十亿美元的输电线路项目，并修建了一条长达2500公里（1550英里）的超高压输电线路——这是除中国以外世界上最长的超高压输电线路——该线路穿越巴西雨林，连接贝卢蒙特大坝和里约热内卢。
最引人注目的是，大型风力涡轮机制造商远景能源将在巴西开发拉丁美洲首个净零排放工业园区，重点发展可持续航空燃料、绿色氢气和氨气。电动汽车巨头比亚迪也在巴西开设了价值10亿美元的卡马萨里工厂，这是其在亚洲以外最大的工厂。
国有农业企业中粮国际有限公司通过在巴西桑托斯港建设其最大的海外出口码头之一，扩大了其在巴西（全球最大的大豆出口国）的农业布局。该码头预计每年可运输800万吨包括大豆、玉米和糖在内的农产品，凸显了北京的战略，即投资于农业供应链的关键环节，而不仅仅是在公开市场上购买农产品。
“此前，‘唐罗主义’大多停留在口头上，”欧亚集团高级分析师、前美国外交官杰里米·陈表示，“但经历了本周末的事件后，北京不得不重新考虑其在该地区保住投资的能力。”
— Colum Murphy、Yujing Liu、Daniel Carvalho、Skylar Woodhouse、Manuela Tobias、Jing Li、Hallie Gu、Clara Ferreira Marques、Kate Sullivan、Martha Viotti Beck、Oscar Medina、Dan Murtaugh、Weilun Soon、Gonzalo Soto、Ocean Hou、Stephen Stapczynski、Sergio Mendoza、Fran Wang、Marcelo Rochabrun、Antonia Mufarech、Andrew Rosati、比阿特丽斯·雷斯、Spe Chen、沙达布·纳兹米
（补充特朗普关于接管委内瑞拉可能时间表的评论。）
Trump Opens New Front Against China With Brazen Arrest of Maduro
The American leader’s move to strongarm Venezuela threatens to open up new flashpoints between the US and China.
By Bloomberg News
January 8, 2026 at 8:00 AM GMT+8
Updated on January 8, 2026 at 6:30 PM GMT+8
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Donald Trump’s brazen move to snatch Nicolás Maduro from his Caracas home last week also sent a clear message to Chinese President Xi Jinping: The Western Hemisphere has no room for another superpower.
The US military’s raid on Venezuela — home to the world’s largest oil reserves and the only country in Latin America that boasts an “all-weather strategic partnership” with Beijing — marked an audacious debut of what Trump has called the “Donroe Doctrine,” a revival of the 19th-century policy by then President James Monroe establishing US dominance in the Americas.
CHINA-BEIJING-XI JINPING-CHINA-CELAC FORUM-FOURTH MINISTERIAL MEETING-OPENING CEREMONY (CN)
Xi, with Brazil’s Luiz Inacio Lula da Silva, left, and Colombia’s Gustavo Petro, right at the China-CELAC Forum in Beijing, in 2025.Ding Haitao/Xinhua/eyevine/Redux
Codified in the White House’s National Security Strategy released last month, the plan asserts a unilateral US right to deny rival powers the ability to own or control “strategically vital assets.” One particularly bold line declares that the US “should make every effort to push out foreign companies that build infrastructure in the region.”
US officials have made similarly broad statements in the wake of Maduro’s ouster. Secretary of State Marco Rubio declared the White House won’t “allow the Western Hemisphere to be a base of operation for adversaries, competitors, and rivals.” Mike Waltz, the US envoy to the United Nations, was more blunt in calling out Beijing: “The Chinese are moving incredibly aggressively into the Western Hemisphere, into South America,” he told Fox News. “President Trump and Secretary Rubio are pushing back on that hard.”
Beyond the tough talk, however, it’s unclear how exactly the Trump administration will pull that off. ABC reported on Tuesday that the White House demanded that Venezuela reduce its relationships with China, Russia, Iran and Cuba, including by severing economic ties. Yet replicating such demands across a large and politically diverse region would prove far more difficult and cause a significant uproar.
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“The United States is reacting 20 years too late,” said Enrique Dussel Peters, head of the Mexico-China Studies Center of the National Autonomous University of Mexico, noting that China’s deeply integrated supply chains throughout the region would be difficult to unwind even in places that have close trade links with the US. “For practically the entire 21st century, China has had the upper hand in economic matters in Latin America.”
China’s goods trade with Latin America has surged since the turn of the century, rising by more than 40 times in that span to $518 billion in 2024 — challenging the US’s long-established economic dominance in the region. Increasingly, the region’s residents are driving BYD cars, using Xiaomi smartphones and ordering taxis and food from Didi instead of Uber.
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A BYD factory under construction in Camacari, Brazil in January 2025.Photographer: Tuane Fernandes/Bloomberg
China has also invested significantly into Latin America, with direct foreign investment projects topping $180 billion by the third quarter of 2025, according to data from US-based research group Rhodium Group. China’s economic influence has surpassed that of the US in 14 of the region’s 33 countries since the turn of the century, research from Bloomberg Economics shows. In that time it has also seen several governments switch diplomatic recognition away from Taiwan to Beijing, including Honduras and Nicaragua.
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For now, governments throughout the region appear dismissive of the White House threats, not least because they don’t see an inward-looking US providing an alternative to Chinese investments in the region. In Brazil, Latin America’s largest economy, officials who deal with Chinese investments saw Trump’s actions as isolated to Venezuela. Asking not to be identified to discuss government policy, the officials said President Luiz Inacio Lula da Silva won’t take sides between the US and China, and Brazil more broadly saw its diversified trade relationships as providing leverage in talks with the Trump administration.
China Faces a ‘Donroe’ Test in Latin America
Source: AidData’s Geospatial Global Chinese Development Finance Dataset
Note: Map shows projects with known approximate locations. The dataset includes Chinese loans and grants from 2000 to 2021. Financing values are in constant 2021 USD
Those sentiments were shared throughout the region’s major economies by officials who requested anonymity to speak frankly. In Mexico, a leading senator involved in trade negotiations with the US said the Venezuela move changes nothing about its approach to China. That sentiment was echoed by a diplomat in Argentina, where President Javier Milei’s government has pursued good relations with Beijing while limiting engagement in any sensitive military or political areas. Peruvian officials have stressed that growing economic links with China don’t come at the expense of longstanding defense cooperation with the US.
In Colombia, where Trump has warned Gustavo Petro — the nation’s first left-wing president — to “watch his ass,” the US has already threatened multilateral financing for projects involving Chinese companies after his government formally joined Xi’s Belt and Road Initiative. Mauricio Jaramillo, Colombia’s deputy foreign minister, called Trump’s threats unacceptable and added that the country needs to defend its sovereignty and right to pursue an independent foreign policy.
“We need to stop demonizing ties with China and separate that relationship from the relationship with the US,” Jaramillo said in an interview. “Because both countries are friends.”
For now, it’s an open question how far Trump will go to uproot Chinese influence from Latin America. Any concrete moves to implement the National Security Strategy — something Trump’s team has repeatedly said is guiding its decisions — threaten to sow fresh chaos across the region and open up new potential flashpoints with China.
While so far there’s no sign the broader US-China trade truce is under threat, with Trump and Xi set to meet four times this year, Beijing appeared stunned by Maduro’s ouster and has vowed to protect its interests in the region. On Wednesday, Foreign Ministry spokeswoman Mao Ning blasted reports that the US would pressure Venezuela to cut economic ties with China, calling it a “typical bullying act.”
“Let me stress that China and other countries have legitimate rights in Venezuela, which must be protected,” she said.
China Challenges US Trade Supremacy in Latin America
China leads in South American trade as the US retains its hold further north
Source: International Monetary Fund
Concern over China’s access to resources was part of Trump’s calculation while authorizing the Maduro raid, according to a White House official who asked not to be identified, adding that the president was focused on ensuring dominance in the Western Hemisphere. Still, the official cautioned that other factors — including illegal drugs and migration — were the main driving forces behind the president’s decision.
“As President Trump outlined in his National Security Strategy, the administration is reasserting and enforcing the Monroe Doctrine to restore American preeminence in the Western Hemisphere, control migration, and stop drug trafficking,” White House spokesperson Anna Kelly said in response to questions. “The president has many options at his disposal to continue to protect our homeland from illicit narcotics that kill tens of thousands of Americans every year.”
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From the Panama Canal and a deep-water port in Peru to the lithium salt flats of the Andes and Venezuela’s oil fields, Chinese companies have also become embedded into strategic industries all along America’s doorstep. Many are extracting or shipping key commodities, such as oil, soybeans and critical minerals like copper and lithium, while also making investments in key infrastructure including Brazil’s electricity transmission system.
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Chancay port in Peru.Photographer: Alessandro Cinque/Bloomberg
Just how Trump could muscle China out of key infrastructure in the region remains unclear, though Argentina may offer a blueprint. The leading exporter of soy meal and oil in December blocked a Chinese bid for a 30-year contract to deepen its main waterway to ship crops to the rest of the world. It also blocked projects to build a Chinese space telescope in San Juan and a nuclear power plant in Buenos Aires. Trump has rewarded Milei with a $20 billion currency swap that helped lock in an October midterm election.
Either way, officials within China are now discussing ways to protect overseas investments.
Wu Xinbo, director at Fudan University’s Center for American Studies in Shanghai who has advised China’s government, said Beijing needs to provide sufficient deterrence to both terrorists and nations like the US that may want to target Chinese interests. Any moves by the Trump administration to target Chinese investments in the region threatens to affect the broader relationship and would prompt Beijing to retaliate, he added.
“If the US put some of our business as hostage, the target, we can do the same,” Wu added. “The US has economic interests globally, including in China.”
Energy and Metals Dominate China’s Investment in Latin America
The sectors make up a majority of Chinese completed FDI projects so far
Source: Rhodium Group’s China Cross-Border Monitor
Note: Figures represent value of projects completed from 2000 to 2025 3Q. Others include IT, finance, consumer sectors.
Xi last year leveraged China’s control of rare earths to force Trump to back down from tariffs of more than 100% on Chinese goods, leading to a truce between the two leaders cemented during a meeting between them in late October. Separately, Beijing managed to successfully push back on a deal that would see a Hong Kong conglomerate lose control of key ports in the Panama Canal and elsewhere, with state-run China Cosco Shipping Corp. set to join the buying consortium.
Yet Trump’s new push to dominate South America may lead to more forceful measures. Hours before the US raid, a high-level Chinese delegation met in Caracas with Maduro, who shared images of the group shaking hands on his Instagram page — showing the extent to which Beijing was caught off guard.
One place on the White House’s radar is the deepwater port of Chancay in Peru. Inaugurated by Xi in late 2024, the $1.3 billion megaport represented the bridgehead of a new maritime Silk Road that would drastically reduce shipping times to China. It features 17.8-meter (58-foot) deepwater berths capable of handling the world’s largest container ships and naval vessels — sparking concern it could one day serve as a Chinese military outpost, an allegation Beijing denies.
After Trump’s election win in 2024, Mauricio Claver-Carone, an adviser to his transition team, proposed a 60% tariff on any goods passing through Chinese-owned or controlled ports in the region, regardless of their country of origin. At the time, he said the goal was to make Latin American nations think twice before allowing Beijing to build a port in their territory.
China’s Investment in Latin America Piles Up
Brazil, Peru and Chile lead in total value of Chinese investment projects
Source: Rhodium Group’s China Cross-Border Monitor
Note: Figures represent value of completed Chinese foreign direct investment. 2025 figure is for 1Q-3Q. Others comprise 17 additional Latin American and Caribbean countries.
In an annual report on China’s military released last month, the Pentagon also warned that Beijing was making substantial inroads through infrastructure and energy in Latin America, noting the region hosted Beijing’s “largest space infrastructure footprint outside of mainland China.” One such place is a space observation center in Argentina’s Patagonia region that occupies an area roughly half the size of New York’s Central Park, which US officials have long speculated is used for tracking American military satellites.
Venezuela will provide the first test of how China’s interests are handled. In the wake of Maduro’s ouster, China’s top financial regulator asked its policy banks and other major lenders to report their lending exposure to Venezuela, people familiar with the matter said earlier this week. Trump said in a New York Times interview published on Thursday that the US would be running Venezuela and extracting its oil for years. “We will rebuild it in a very profitable way,” he told the newspaper.
The 16-story-tall parabolic antenna at the new Chinese space station in Patagonia, Argentina.
A Chinese space observation station in Argentina’s Patagonia region.Photographer: Mauricio Lima/The New York Times/Redux
China became a key lender to Venezuela in 2007, when it first provided funds for infrastructure and oil projects under late President Hugo Chavez. Estimates suggest that Beijing lent upwards of $60 billion in oil-backed loans through state-run banks until 2015.
China has sought to reduce its exposure over the past decade, with imports from Venezuela last year on pace to shrivel to just 8% of purchases it made 13 years ago. Caracas is still on the hook to repay about $20 billion to China, including arrears accumulated in recent years, according to Stephen Kaplan, associate professor at George Washington University’s Elliot School of International Affairs and author of the book Globalizing Patient Capital: The Political Economy of Chinese Finance in the Americas.
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China National Petroleum Corporation, one of China’s largest state-owned oil and gas majors, currently has the biggest presence in Venezuela. Leading Chinese oil companies with interests in the country this week asked officials in Beijing for guidance on how to protect their investments, in an effort to align their responses with China’s diplomatic strategy and salvage existing claims to some of the world’s largest oil reserves, Bloomberg reported.
China has invested billions in hydrodams, wind and solar farms and gas and coal generators in Latin America. In Ecuador, for instance, Beijing has helped finance about 2.3 gigawatts of hydropower, more than a quarter of the country’s entire generation capacity, according to data from Boston University and BloombergNEF.
China Bankrolling Chavez’s Re-Election Bid With Loans For Oil
A sign shows Hugo Chavez shaking hands with Hu Jintao at the entrance to China Railway Engineering Corp.'s Tinaco-Anaco railway project site in Los Dos, Venezuela in 2012.Photographer: Meridith Kohut/Bloomberg
The place where China’s electricity investments are most prevalent is Brazil, where Beijing has helped finance more than 21 gigawatts of capacity mostly in hydropower projects — roughly 7% of the country’s generation capacity. China’s State Grid Corp. has won billions of dollars worth of transmission line projects, and built a 2,500-kilometer (1,550-mile) ultra-high voltage power line — the longest in the world outside China — through the Brazilian rainforest connecting the Belo Monte dam to Rio de Janeiro.
Most notably, Envision Energy, a major wind turbine manufacturer, will develop Latin America’s first Net-Zero Industrial Park in Brazil, focusing on sustainable aviation fuel, green hydrogen and ammonia. EV giant BYD Co. also opened the $1-billion Camaçari plant, its largest facility outside Asia in Brazil.
State-owned agribusiness Cofco International Ltd. expanded its agricultural presence in Brazil — the world’s top soybean exporter — by constructing one of its largest overseas export terminals at the Port of Santos. The facility, estimated to ship 8 million tons of commodities a year including soybeans, corn and sugar, underscores Beijing’s strategy of investing in critical links in the agricultural supply chain rather than merely buying commodities on the open market.
“Until now, the ‘Donroe Doctrine’ was mostly rhetorical,” said Jeremy Chan, a former US diplomat who is now a senior analyst at Eurasia Group. “After this weekend’s events, Beijing has to be reconsidering its ability to hold onto its investments across the region.”
— Colum Murphy, Yujing Liu, Daniel Carvalho, Skylar Woodhouse, Manuela Tobias, Jing Li, Hallie Gu, Clara Ferreira Marques, Kate Sullivan, Martha Viotti Beck, Oscar Medina, Dan Murtaugh, Weilun Soon, Gonzalo Soto, Ocean Hou, Stephen Stapczynski, Sergio Mendoza, Fran Wang, Marcelo Rochabrun, Antonia Mufarech, Andrew Rosati, Beatriz Reis, Spe Chen, Shadab Nazmi
(Adds Trump’s comments on potential timescale for running Venezuela.)