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.

Chinese President Xi Jinping on Thursday attended a grand welcome ceremony hosted by Peruvian President Dina Boluarte in Lima.

After his motorcade arrived at the Government Palace, the official residence of the president of Peru, Xi was warmly greeted by President Boluarte.

The two heads of state reviewed the Guard of Honor at the welcome ceremony.

Xi arrived in Peru earlier in the day to pay a state visit to Peru and attend the 31st APEC Economic Leaders' Meeting, which is scheduled for Friday and Saturday in Lima.

After attending the APEC meeting and completing his state visit to Peru, Xi will travel to Rio de Janeiro to attend the 19th G20 Summit and pay a state visit to Brazil at the invitation of Brazilian President Luiz Inacio Lula da Silva from Nov 17 to 21.