Beijing, China - In a landmark move, Chinese President Xi Jinping has officially inaugurated the groundbreaking Chancay deep-water port in Peru, a $1.3 billion infrastructure project under China's Belt and Road Initiative. The new megaport is set to transform trade dynamics between Asia and Latin America, generating an estimated $4.5 billion in annual revenue and creating 8,000 much-needed jobs.
The strategic investment comes amid rising geopolitical tensions, as the project has drawn concerns from Washington over potential military and intelligence uses by China. However, Beijing maintains that the port is purely a commercial venture aimed at bolstering economic ties between the two regions.