As a result of decreasing crude outputs and the fall of oil prices，Venezuela’s oil export revenues continued to decline in 2016，which led to the deteriorated macro-economy featuring by extended recession，surging inflation，and severe commodity shortage. The country witnessed the intensified political rivalry between the ruling United Socialist Party of Venezuela （PSUV） and the opposition Democratic Unity Roundtable （MUD）. The newly established National Assembly，dominated by the MUD，continued to challenge the authorities of the Maduro government. As an effort to overcome the impacts of inflation，the government raised the minimum wage four times in the year. In order to improve housing conditions，it attached great importance to implementing the Gran Misión Vivienda （GMVV）. The Maduro government sought to stabilize oil prices by concerted efforts of oil producing countries，maintained close ties with China and attempted to improve bilateral relations with the United States.