Inauguration of China-backed Chancay Port demonstrates bright future of China-Peru cooperation

The upcoming inauguration of China-backed Chancay Port in Peru demonstrates a bright future of mutually beneficial cooperation between China and the Latin American country.

Chinese President Xi Jinping and Peruvian President Dina Boluarte attended the inauguration ceremony of Chancay Port via video on Thursday local time.

The port is located in the Chancay Bay, about 80 kilometers north of Peru's capital Lima. It is a flagship project under the Belt and Road Initiative and the first smart port in South America. Once completed, it will become a new hub port in Latin America and a gateway port to the Pacific.

"'From Chancay to Shanghai' has become a catchphrase, demonstrating a bright future of mutually beneficial cooperation between the two nations. I believe it will substantially bring more sense of gain and happiness to people of the two countries," President Xi said when meeting with President Boluarte during her visit to Beijing in June.

The first phase of the port project will shorten the shipping time from Peru to China to 23 days, reducing logistics costs by more than 20 percent. It is expected to generate 4.5 billion U.S. dollars in annual revenue for Peru and directly create over 8,000 jobs.

The completion of the Chancay Port will enable Peru to put in place a multi-dimensional, diverse and efficient network of connectivity spanning from coast to inland, from Peru to Latin America and further on to the Caribbean, according to experts.

It will also help build an Inca Trail of the New Era with the Chancay Port as its starting point, thus boosting the overall development and integration of the region.

President Xi arrived in Peru's capital Lima earlier on Thursday to attend the 31st APEC Economic Leaders' Meeting and pay a state visit to the Latin American country.

The 31st APEC Economic Leaders' Meeting will be held on Friday and Saturday in Lima.

Inauguration of China-backed Chancay Port demonstrates bright future of China-Peru cooperation

Inauguration of China-backed Chancay Port demonstrates bright future of China-Peru cooperation

Inauguration of China-backed Chancay Port demonstrates bright future of China-Peru cooperation

China on Wednesday announced interim measures for the implementation of a flexible retirement system, in a move to enforce the previously adopted policy of incrementally raising the statutory retirement age.

The measures stipulated the procedures for applying for flexible retirement and the requirements for receiving basic pensions, among other details.

Under the new policy, individuals will be allowed to retire up to three years earlier than the new statutory retirement age once they have met the minimum pension contribution requirements. But it is not allowed to retire earlier than the previous statutory age.

Individuals will be able to postpone retirement to an even later date if they reach an agreement with their employers, though this delay must not exceed three years.

Experts say the new retirement system offers flexible options for workers with different situations.

"The flexible retirement policy takes into full consideration the needs of different groups, allowing workers to flexibly choose their own retirement time and to better balance life and work. The lower-aged elderly who have willingness, capabilities, and conditions, could continue to engage in social production and service roles to realize their personal value," said Li Chang'an, researcher with the Academy of China Open Economy Studies under the University of International Business and Economics.

Chinese lawmakers voted in last September to adopt a decision on gradually raising the statutory retirement age in the country, marking the first adjustment in the arrangement since the 1950s.

According to the decision adopted at the 11th session of the Standing Committee of the 14th National People's Congress, the statutory retirement age for men will be gradually raised from 60 to 63 in the course of 15 years starting 2025, while that for women cadres and women blue-collar workers will be raised from 55 to 58 and from 50 to 55, respectively.

Starting 2030, the minimum year of basic pension contributions required to receive monthly benefits will be gradually raised from 15 years to 20 years at the pace of an increase of six months annually.

China announces interim measures for introducing flexible retirement system