The U.S. Treasury is criticizing China for helping Venezuela's government with oil-for-loan investments. Beijing said its agreement benefited ordinary people and has been widely welcomed.  

GENG SHUANG CHINESE FOREIGN MINISTRY SPOKESMAN "China-Venezuela financial cooperation is undertaken between the two sides' financial organisation and enterprises in accordance with mutually beneficial and commercial interests. All loan contracts signed are completely in accordance with international standards and all operations are carried out within the law, the results they have attained have enriched the lives of local residents."

On Friday, China accused the United States of disrespecting Latin America after U.S. Secretary of State Rex Tillerson told countries in the region they should avoid relying economically on China. Beijing said cooperation between China and Latin America is based on common interests and mutual needs and that the US should look at it in an open and inclusive way.