The Dragon's Claim: China as Creditor, Spoiler, and Kingmaker in Venezuela's Restructuring

China is Venezuela's single largest bilateral creditor. Through the Joint China-Venezuela Fund, Beijing committed an estimated $60 billion in cumulative disbursements, with a residual debt stock of $10-25 billion. The January 2026 intervention has nullified China's de facto seniority in the creditor hierarchy. This Deep Dive examines the full architecture of China's claim, the impact of the post-Maduro disruption, and whether Beijing will play the role of constructive participant or spoiler.