China has risen to become the second biggest trade partner of Brazil in five years time, after the US. I think we will see similar developments in other South American countries, I am pretty sure it's happening in Venezuela as well. China comes to do business instead of spreading its ideology/political agenda, unlike the US/Europe and back in the day USSR who do it the other way around. I think China as trading partner is a welcome change from the so-called 'free' trade policies of the US and EU for many Latin countries. It can bring more economical growth to these countries without them having to 'pick sides', tackle internal issues, or having to apply to certain guidelines. It depends on the country's regime though who will benefit...
Chavez is making those comments because he is still angry at the US. He tried to do what's right for the country and not just the elite. He does not care what the US thinks about that. Well you know the oil story, and he was denied access to US military weapons. So now he'll take every opportunity to rub those new capabilities in the US face. But it's also about what the media picks on, unlike other socialist countries, Chavez does not control the media in his country. So the best the world's media can do is pick apart official comments. From what I've seen there's more behind Chavez than is often portrayed. That one doesn't like his foreign policy is understandable and people's freedoms may be somewhat restricted, but to say he is a dictator/warlord is nonsense.
What's next? Next are K-8 trainers from China, Il-78 tankers, Il-76 transports, more helicopters and then a Mirage 5 replacement... looks to be a selection between more Su-30MKV or the Su-35. Both KnAAPO products, so maybe another option will be considered as well, which should bring the MiG-35 on the table... Give me one reason why Russia won't sell them Tor-M/S-300/400, Russia's policy makers have no problem with selling defensive weapons to the 'rogue' states. I think the only concern will be the systems falling into US (eventually) or Chinese hands. Also if you look at Venezuela OrBat, this is far from an arms race when the air force is concerned. They are all required to replace old equipment, and US equipment that can no longer be maintained. Just like most other countries in the world, it's logical to look for better/more capability as well as you go along.