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

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

"Since the beginning of the new century, the growth rate of China-Latin America goods trade volume has been much higher than the trade growth rate of Latin America and the Caribbean with the rest of the world in the same period, which highlights the high complementarity between the economies of China and Latin America," Lin said.

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.

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,

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.