China's Strategic Victory: Unveiling the Chancay Megaport

The Asia-Pacific Economic Cooperation forum in Peru shifted focus as China's President Xi Jinping inaugurated a $1.3 billion megaport, contrasting sharply with the diminished U.S. influence under Biden. This development highlights growing Chinese influence in South America as the U.S. faces challenges to maintain its presence.

This week's Asia-Pacific Economic Cooperation forum in Peru saw a significant shift in focus as U.S. President Joe Biden's first visit to South America as president was overshadowed by China's growing influence. The highlight of the summit was China's President Xi Jinping's inauguration of the $1.3 billion Chancay Megaport, emphasizing China's expanding presence in Latin America.

The port, a joint venture between the Chinese logistics giant Cosco and local partner Volcan, reflects China's deepening economic ties in the region, offering a strategic alternative to the U.S.'s waning influence. With China's trade with Latin America having grown dramatically, President Xi's visits bolster diplomatic ties despite concerns about China's underlying intentions.

Analysts note that despite the U.S.'s traditional stronghold in regional trade discussions, China's significant infrastructure projects like the Chancay Megaport are altering perceptions. The renewed focus on China's 'America First' policy suggests a competitive landscape between the two giants in Latin America, spotlighting U.S. challenges in maintaining its influence.

(With inputs from agencies.)