America’s abdication of its historical leadership role under Donald Trump has made it easier for China to push this grand geostrategic vision, especially after the Barack Obama’s administration’s failure to follow up the much-hyped “pivot to Asia” with re

Maduro departs unceremoniously, China faces a large risk of diplomatic and financial blowback. Opposition politicians are well aware that China propped up the ruinous Maduro rule. A new Venezuelan government could well refuse to honor the Maduro-era obligations entirely and look to Washington for support instead. That would be both economically and politically embarrassing for China, which in the past has been a vigorous supporter of the right to default — as long as the debts were owed to the West.

But a Venezuelan default could have consequences far beyond Caracas and Beijing. As