President Maduro meets with DRC delegation. [photo/drc.gov.cn]

Yu Bin, Director-General of the General Office of the Development Research Center of the State Council (DRC), led a delegation to Venezuela from October 25 to November 1.

The delegation conducted research on economic and social development in Venezuela and preliminary research on future cooperation with DRC. The visit was mainly to implement the cooperation memorandum of understanding signed by DRC and the Venezuelan Ministry of Economy and Finance in September 2018, and promote cooperation between the two institutions in the field of economic and financial reform.

The two sides exchanged views on Venezuela's major challenges and tasks and their future cooperation. President Maduro said that Venezuela is currently facing multiple economic challenges. Venezuela needs to take the road of economic diversification and explore a proper development method with the help of China’s economic development model.

DRC delegation attends the China-Venezuela Development Experience Exchange Conference. [photo/drc.gov.cn]

Yu said that DRC is willing to help Venezuela strengthen its economic construction.

The delegation attended the China-Venezuela Development Experience Exchange Conference, where Yu made a speech on “Basic Experience in China's Development”. DRC delegates also made speeches on "Macroeconomic Management in China's Development" and "Fiscal Revenue and Inflation".

The delegation visited the Ministry of Economy and Finance, and held talks with Venezuelan officials. They exchanged views on topics such as monetary policy, optimization of the banking system, electronic payments, and tax reform.

The delegation went to the virtual encrypted currency regulatory agency to investigate the sale and operation of petroleum coins.

DRC delegation attends a symposium on Chinese-funded enterprises. [photo/drc.gov.cn]

They also attended a Venezuelan economic situation conference and listened to a report on the country’s Economic Recovery, Growth and Prosperity Plan.

In addition, the delegation attended a symposium on Chinese-funded enterprises, and met with Tian Yunhai, head of the Global Cooperation Department of the China Development Bank. Finally, the delegation visited the social housing project constructed by CITIC Construction and Venezuela.