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Peruvian president to visit China to deepen bilateral ties, trade relations

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Peruvian president to visit China to deepen bilateral ties, trade relations

2024-06-24 16:28 Last Updated At:18:27

Peruvian President Dina Boluarte will make a whirlwind visit to China from June 25 to 29, with stops in the capital of Beijing and the major port cities of Shanghai and Shenzhen.

Joining her will be government ministers looking to deepen ties with the Asian giant and business leaders searching for opportunities. Among these is Julio Perez Alvan, president of the Exporters Association (ADEX), Peru's business service provider.

"One of the visits will be to COSCO Shipping, the majority shareholder in the port of Chancay. The trip will consist of visiting three cities. Shenzhen is the first, known as the Silicon Valley of China," said Alvan.

President Boluarte's agenda for the trip to China also includes meetings with electric car firm BYD, Jinzhao Mining, and infrastructure group China Railway Construction.

Peru's Prime Minister Gustavo Adrianzen said on Monday that he hoped the president's trip would enable Peru to capture foreign capital after its economy sank into recession last year.

"We are confident that this visit will allow us to attract Chinese investment into the country in the near future. And we will naturally offer the splendid products of Peru," said Adrianzen.

The visit also comes as a deepwater shipping port just north of the Peruvian capital in Chancay nears completion. The vast mega port is set to become a hub between Asia and South America, but especially China and Peru.

The port is expected to be inaugurated in November, when the 2024 APEC Economic Leaders' Meeting will also be held in Peru.

Brazil has shown interest in the 3.5-billion-U.S.-dollars Chancay port to ship exports to Asia, which, in turn, could attract Chinese expertise in building infrastructure links. Analysts said Brazil would be able to cut shipping times by using the port on key exports, such as soybeans and meat that currently travel through the Panama Canal.

"This port probably will make Peru become a logistic hub for the trade of all of South America, because up until now, there is no direct link between, for example, Latin America and China," said Carlos Aquino Aquino Rodriguez, director of the Center for Asian Studies at the San Marcos National University in Lima.

After an economic downturn in 2023, Peru will welcome the trade and investment that the new port and the APEC Economic Leaders' Meeting will bring in November.

Peruvian president to visit China to deepen bilateral ties, trade relations

Peruvian president to visit China to deepen bilateral ties, trade relations

Peruvian president to visit China to deepen bilateral ties, trade relations

Peruvian president to visit China to deepen bilateral ties, trade relations

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China's general public budget revenue down 2.8 pct in Jan-June

2024-07-22 19:21 Last Updated At:19:37

China's general public budget revenue dropped 2.8 percent year on year to 11.59 trillion yuan (about 1.59 trillion U.S. dollars) in the first half year of 2024, according to the Ministry of Finance on Monday.

The central government collected 5 trillion yuan in revenue, down 7.2 percent year on year, while local governments saw revenue edge up 0.9 percent to 6.59 trillion yuan.

Tax revenue totaled 9.4 trillion yuan during the January-June period, down 5.6 percent year on year; while non-tax revenue grew 11.7 percent year on year to 2.18 trillion yuan.

Data from the ministry also shows that general public budget spending expanded 2 percent year on year to 13.65 trillion trillion yuan during the period.

Expenditures in the central government's general public budget totaled 1.8 trillion yuan, up 9.6 percent year on year.

Expenditures in the local general public budget increased 0.9 percent year on year to 11.83 trillion yuan during the period.

General public budget revenue refers to income for government finance through participation in the distribution of social products. It is the financial guarantee to ensure the functioning of government.

China's general public budget revenue down 2.8 pct in Jan-June

China's general public budget revenue down 2.8 pct in Jan-June

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