Peru's Chancay: China's megaport of entry to South America

Peru's new Chancay port, funded by China, is a key symbol of Beijing’s expanding influence in South America. Scheduled to be inaugurated by President Xi Jinping on Thursday, the $3.5 billion deep-water port is expected to become a major trade hub between South America and China. Located about 50 miles north of Lima, Chancay has a depth of 17.8 meters (58.4 feet), allowing it to accommodate the largest container ships, surpassing Lima’s Callao port by two meters. Gonzalo Rios, deputy general manager of the Peruvian arm of Chinese port operator Cosco Shipping, which holds a 60% stake in the facility, said the port is nearly ready and could transform the region into South America’s logistical hub. The port will be unveiled by Xi and Peruvian President Dina Boluarte during the Asia-Pacific Economic Cooperation (APEC) summit in Lima. Chancay is part of China’s Belt and Road Initiative (BRI), a global infrastructure project launched in 2013 to improve trade links between China and other continents. Initially focusing on Europe, Africa, and Asia, the BRI has expanded to include South America. The port will handle a wide range of imports, including Asian electronics and textiles,