China and Peru's $5.3 Billion Megaport Officially Launches, Extending China's Reach in Latin America

The article reports on the inauguration of the Chancay Port in Peru, a $3.5 billion megaport developed by China. Chinese President Xi Jinping virtually inaugurated the port from Lima, Peru's capital, while being accompanied by Peruvian President Dina Boluarte. The port is expected to attract $3.6 billion in investment and will provide a direct trade route from China to South America across the Pacific Ocean. The Chancay Port is considered a successful example of Sino-Peruvian cooperation under the Belt and Road Initiative. Chinese port operator Cosco Shipping has a 60 percent stake in the facility, indicating significant Chinese investment in the project. This development has been met with interest from the United States, as it could reshape Pacific trade and potentially increase Chinese influence in the region.