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

China

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

2024-11-15 07:12 Last Updated At：11:17

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.

US economic activity shows moderate growth amid inflation pressure: Fed Beige Book

U.S. economic activity rose slightly in most districts, with three regions reporting no changes and one region experiencing a moderate decline, the U.S. Federal Reserve said in its Beige Book released on Thursday.

This indicates an improvement compared to the last three reporting periods, during which most regions reported little change in economic activity, according to the Beige Book.

It shows that the outlook for future activity is mildly optimistic, with most expecting slight to modest growth in the coming months.

Most banks reported that the consumer spending went up slightly over the holiday season, buoyed by strong spending from higher-income consumers. Employment was mostly unchanged in the most recent period, with eight of the twelve districts reporting no changes in hiring. Prices grew at a moderate rate across a large majority of districts, with only two districts reporting slight price growth, the survey said.

Cost pressures resulting from tariffs were a consistent theme across all districts, it said.

The Beige Book, officially known as the Summary of Commentary on Current Economic Conditions by Federal Reserve District, is a survey on economic conditions based on information collected from its 12 regional reserve banks. It is published eight times per year.