China's Xi arrives in Lima for APEC, to open Pacific megaport

Lucinda Elliott - Reuters - 14/11
Chinese President Xi Jinping arrived in Lima on Thursday, kicking off a week-long diplomatic blitz in Latin America by inaugurating the massive Chancay deep-water port, one of Beijing's most ambitious infrastructure investments in Latin America.
  • Xi to kick off week-long diplomatic blitz in Latin America
  • Peruvian port seen as major hub for trade to Asia
  • China now largest trading partner of some Latam countries
LIMA, Nov 14 (Reuters) - Chinese President Xi Jinping arrived in Lima on Thursday, kicking off a week-long diplomatic blitz in Latin America by inaugurating the massive Chancay deep-water port, one of Beijing's most ambitious infrastructure investments in Latin America.
Xi will participate in the Asia-Pacific Economic Cooperation (APEC) summit in Lima before heading to the Group of 20 summit in Rio de Janeiro next week. Xi will also conduct state visits to Peru and Brazil, both major sources of metal ores, soybeans, and other commodities that sustain key Chinese industries like electric vehicles and pork, as well as guaranteeing food security for the country's population of 1.4 billion.
Xi's first order of business in Lima is to headline an inauguration ceremony for the Chancay port, along with Peru's President Dina Boluarte.
"Chancay...will revolutionize trade and dynamize the Asia-Pacific economy," Boluarte said in a speech on Thursday at the APEC CEO Summit.
The China-controlled megaport, built by Cosco Shipping Ports (1199.HK), opens new tab and located on Peru's Pacific coast north of Lima, has already drawn $1.3 billion in Chinese investment, with billions more expected as Beijing and Lima look to turn Chancay into a major shipping hub between Asia and South America.
"We need to...
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