Xi opens huge port in Peru funded by ChinaReuters, LIMAChinese President Xi Jinping (習近平) launched a week-long diplomatic blitz of South America on Thursday by inaugurating a massive deep-water port in Peru, a US$1.3 billion investment by Beijing as it seeks to expand trade and influence on the continent. The first ship was due to set sail from Chancay next week, transporting Peruvian fruit to China, Mario Ocharan, Peruvian director of the Chancay Chamber of Commerce, said. The rail project is estimated to cost US$3.5 billion, according to Mario de las Casas, corporate affairs manager at Cosco Shipping Chancay Peru. Building that link is “crucial” to improve transportation of soybeans as Brazil is the top seller of the commodity to China, he said. China has overtaken the United States to become the largest trading partner of countries like Peru.

Source: Taipei Times November 15, 2024 21:47 UTC