LIMA (Reuters) -Chinese President Xi Jinping launched a week-long diplomatic blitz of South America on Thursday by inaugurating a massive deep-water port in Peru, a $1.3 billion investment by Beijing as it seeks to expand trade and influence on the continent.

Chinese President Xi Jinping began his week-long diplomatic visit to Latin America on Thursday with the virtual inauguration of Chancay Port in Peru. The $1.3 billion project, funded by China, is expected to become a major trade hub between South America and Asia.

The port opening in Chancay underscores China’s growing clout in a region that once looked primarily to the United States for economic opportunity.

By Alek Buttermann The inauguration of the Chancay Megaport in Peru marks a significant moment for regional trade, with the facility set to become South America’s largest commercial port. Developed by China's state-owned Cosco Shipping,

BEIJING, Nov. 16, 2024 /PRNewswire/ -- "From Chancay to Shanghai" has become a popular slogan in Peru as the Chancay Port, a flagship project of the China-proposed Belt and Road Initiative (BRI), held a grand opening ceremony on Thursday.

The new megaport is 992 hectares in size and creates a direct link between Shanghai and Peru and will cut shipment times down by 20 days on some routes.

A new China-backed megaport in Peru may create whole new trade routes that will bypass North America entirely.

China's leader, Xi Jinping, virtually inaugurated the large Chancay port near Lima on Thursday. Built, financed, and controlled by a state-owned Chinese company, the port aims to streamline direct goods transport between Asia and South America.

China's leader, Xi Jinping, virtually inaugurated the large Chancay Port near Lima on Thursday. Built, financed, and controlled by a state-owned Chinese company, the port aims to streamline the direct transportation of goods between Asia and South America.