(Source: Silk Road Outlook 2025-01-21)
Local timeOn the evening of November 14, distinguished guests gathered at the Presidential Palace of the Republic of Peru. Chinese President Xi Jinping, who is on a state visit to Peru, attended the opening ceremony of the Port of Chancay, an important project of the Belt and Road Initiative between China and Peru, via video link with Peruvian President Boruarte at the presidential palace in Lima at the invitation of the host. The two heads of state jointly witnessed the birth of this new land-sea corridor that benefits many parties.
The Port of Chancay is located in Chancay Bay on the west coast of Peru. It is not only a joint venture between China and PeruAn important project of the “Belt and Road Initiative” is also an important pivot for Peru to build a three-dimensional, diverse and efficient interconnection pattern from the coast to the inland and to other countries in Latin America and the Caribbean. The completion and operation of Chancay Port marks the birth of the new Yala land-sea corridor in the new era, which will further promote economic cooperation between China and Peru and even Latin America and the Caribbean, and accelerate the overall development and integration process of Latin America and the Caribbean.
Injecting strong momentum into China-Peru economic cooperation
China and Peru are both ancient civilizations, and both the Chinese civilization and the Inca civilization are treasures in the treasure house of human civilization. The ancient Silk Road and the Inca Trail both made indelible contributions to cross-regional economic and social connections. Today, the Port of Chancay is becomingThe "Inca Trail in the New Era" has a new starting point and also builds a new station for China-Peru and China-Latin America economic cooperation.
Chancai Port is close to the Pacific Ocean and the water is deep17.8 meters, capable of berthing 18,000 TEUs of ultra-large cargo ships, with a designed throughput of 1.5 million TEUs. It is by far the largest natural deep-water port on the west coast of South America and has unique geographical advantages. At present, the Port of Chancai has completed the first phase of construction, and the annual throughput of its four terminal berths has reached 1 million containers. The second phase of the construction project will be completed within four years, and the port's cargo throughput will quadruple. With its superior and unique geographical location, the Port of Chancay has become a key node for Peru to integrate into the global economic structure. The completion of the Port of Chancay has significantly shortened the shipping time from South America to Asia. Previously, most bulk goods shipped from South America to China had to go north around the Panama Canal. After the opening of Chancay Port, direct flights between China and Peru were realized. The cargo transportation time was shortened from 35-40 days to 23 days, which can save more than 20% of logistics costs and greatly enhance the international competitiveness of high-quality products from Peru and South America.
China is currently Peru’s largest trading partner,From 2016 to 2023, the average annual growth rate of w88 between China and Peru was as high as 14.6%. As of 2023, China has been Peru's largest import source and largest export market for 10 consecutive years. Peru's exports to China are mainly mineral products and agricultural products, while China's exports to Peru are mainly mechanical and electrical products and labor-intensive products. The opening of the Chancay Port will further deepen the bilateral w88 partnership between China and Peru.
The Port of Chancay has created a large number of job opportunities for Peru. In the process of port construction, a large amount of manpower and material resources need to be invested, from construction workers to technical experts, from logistics and transportation personnel to port managers. onlyIn the first quarter of 2023, the Chancay Port project will create 10,000 jobs, and also establish training platforms such as the "Inca Lecture Hall" and "Chancay Port Engineering College" to build a professional talent training mechanism. This not only increases the income level of Peruvian people and improves their quality of life, but also accumulates strength for Peru’s long-term development.
The Port of Chancay is of great significance to the diversified development of the Peruvian economy. The development of the port has attracted a large amount of investment, covering logistics, manufacturing, fishery processing and other fields. In terms of logistics, many international logistics companies have settled in the Port of Chancay and established warehousing and distribution centers, improving the turnover efficiency of goods; in the manufacturing field, some processing manufacturing clusters have gradually formed around the port, taking advantage of the port's transportation advantages to reduce production costs and improve the market competitiveness of products; fishery processing is also one of the key development industries in the Port of Chancay, where Peru's rich fishery resources are further processed and added value, and the products are exported to the world. The rise and development of these industries will effectively promote the optimization and upgrading of Peru's economic structure.
The large-scale port construction project includes modern terminal facilities, efficient loading and unloading equipment, and complete storage space, which has greatly improved the cargo handling capacity of the Port of Chancay. The supporting transportation infrastructure such as roads and railways has also further strengthened the connection between the port and the inland areas of Peru. The improvement of these infrastructures has improved logistics efficiency, reduced transportation costs, attracted more domestic and foreign investment to Peru, and promoted industrial agglomeration and development. After the opening of the Port of Chancay, it is expected to bring more to Peru every yearUSD 4.5 billion in revenue, contributing 1.8% to GDP, creating more than 8,000 direct jobs, and helping more Peruvians escape absolute poverty. After the operation of Chancai Port, the economic and w88 between China and Peru will be more convenient, and the w88 of minerals and agricultural products to China will be more secure. "De Chancay a Shanghai!" (from Chancay to Shanghai) has become a popular saying, indicating the broad future of mutually beneficial cooperation between the two countries, which will bring more tangible sense of gain and happiness to the people of the two countries.
The road to prosperity and happiness
Peru is one of the first Latin American countries to establish diplomatic relations and a comprehensive strategic partnership with my country. It is also the first Latin American country to sign a package of free w88 agreements with China.In April 2019, China and Peru signed a memorandum of understanding on cooperation in jointly building the “Belt and Road”. In November 2024, the "Cooperation Plan on Jointly Building the "Belt and Road"" was signed. This series of measures has greatly promoted the political mutual trust, strategic alignment and people-to-people exchanges between the two countries. The cooperation between the two countries in the field of "One Belt, One Road" has continued to become deeper and more substantial.
The “Belt and Road” initiative actively explores the use of channels to bring logistics, logistics to economy and w88, and economy and w88 to bring industry. As a demonstration project for cooperation between China and Peru under the framework of the “Belt and Road Initiative”, the Port of Chancay will have a great spillover effect on South America and the Caribbean and my country’s high-quality joint construction of the “Belt and Road Initiative”. As the first smart port and green port in South America, the port's modern facilities and efficient operation management can greatly improve the loading and unloading efficiency and transportation speed of goods, reduce w88 costs, and promote the development of international w88. The operation of Chancay Port will also improve the w88 convenience between Peru and neighboring countries such as Argentina, Brazil, and Bolivia and Asia, promote the import and export of goods, promote economic growth, improve the maritime layout of South America, and improve regional logistics efficiency.
After the completion of the Chancay Port, it will drive internal interconnection in Latin America and promote a new round of infrastructure investment boom in Latin America and the Caribbean. At present, Peru has launched a railway and road network construction plan to connect major cities in the country with the Port of Chancay, and is expected to be connected to the road networks of other countries in the region. For example, building a railway from Chancay to Brazil, Bolivia and even Argentina will promote the process of regional economic integration and promote political, economic, cultural and other exchanges and cooperation between countries in the region.
The construction of a community with a shared future between China and Latin America sets sail on a new voyage
As an important hub in Latin America, Chancay Port’s radiation range extends far beyond China and Latin America. Japan, South Korea and other Asia-Pacific countries on the west coast of the Pacific can all share the development opportunities brought by Chancay Port. With the situation in some regions currently turbulent, the global supply chain facing crisis, and logistics risks increasing, the completion of the Chancay Port provides a new option for Pacific shipping. What the Port of Chanquet has witnessed is not only the conflict between China and Peru and China and Latin America"Win-win" will also further achieve "win-win" for the countries along the Pacific coast.
The construction and operation of Chancay Port involves the interests of many countries and regions and requires extensive cooperation among all parties in the fields of infrastructure construction, w88 investment, shipping and logistics. This will provide new opportunities and impetus for the development of multilateral cooperation mechanisms such as APEC and the Community of Latin American and Caribbean States. With anotherWith the completion of the "One Belt, One Road" construction project - the two-ocean railway connecting the Pacific and the Atlantic, cargo transportation in Brazil and other South American countries will be faster. These cooperation projects will not only build a solid infrastructure platform for inter-regional economic and w88 cooperation, but will also make new contributions to building a more open and inclusive global economic governance system.
The completion of the Port of Chancay has made Peru one of the major port centers in the South Pacific, strengthened the interconnection between Latin America and Asia, enhanced the influence of South America in the global w88 pattern, and also provided strong support for Peru to establish broader diplomatic relations and strategic partnerships with other countries, helping to enhance the overall influence of South American countries on the international political stage.
The world today is undergoing major changes unseen in a century, with new challenges and changes emerging one after another. However, the trend of globalization is irreversible, and the historical trend of win-win cooperation among all countries is irresistible. Chancai Port is jointly built by China and PeruThe shining pearl of the “Belt and Road Initiative” is not only a golden link connecting the friendly exchanges between people on both sides of the Pacific, but also a vivid interpretation of the concept of building a community with a shared future for mankind in South America. 2024 is the 10th anniversary of President Xi Jinping’s first proposal to build a community with a shared future between China and Latin America. The opening of the Chancay Port will promote the in-depth connection between Latin American economies and China and will surely inject new vitality into building a closer China-Latin America community with a shared future.
This article is fromThe phased research results of the 2024 National Social Science Fund project "Research on Method Innovation and Effectiveness Evaluation of Xi Jinping's Economic Thought into Textbooks, Classrooms and Minds" (Project Approval No. 24VSZ006).
Wang Zhimin: Researcher at the National Institute of Opening-up and Director of the Institute of Globalization and Chinese Modernization, w88 casino; Huang Linlin: PhD candidate at the "Silk Road" International Tourism and Cultural Heritage University.
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