Xi inaugurates China's first port in South America with Chancay megaport in Peru

Chinese President Xi Jinping inaugurated the Chancay megaport in Peru, marking South America's first Chinese-funded port. This $1.3 billion investment aims to enhance trade between South America and Asia as part of China's Belt and Road Initiative. The port is expected to generate $4.5 billion in annual revenue and create over 8,000 jobs. It will also reduce logistics costs for the Peru-China trade route by 20%. The first ship is set to depart next week. Local residents have raised concerns about environmental impacts and the loss of fishing areas. U.S. officials have expressed worries about China's growing influence in the region, particularly regarding potential military uses of the port.