'From Chancay to Shanghai': A revelation of the times: Global Times editorial

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Nov 10, 2024, 20:25 ET

BEIJING, Nov. 10, 2024 /PRNewswire/ -- During the 31st APEC Economic Leaders' Meeting in Lima, Peru, this week, a milestone will be reached - the Chancay Port, controlled and invested by Chinese enterprises, is set to hold its operation ceremony. It is a new flagship project under the Belt and Road Initiative (BRI) across the Pacific Ocean, which will not only help deepen the relationship between China and Peru, but also open up a new "maritime expressway" for the integration of the Asia-Pacific economy. It is worth mentioning that while the APEC members' economies account for more than 60 percent of world GDP, the Chancay Port, as a public good that brings the two sides of the Pacific closer together, will mark a new height of South-South cooperation's contribution to the region's economy.

Located about 80 kilometers north of Lima, the Chancay Port, with its unique geographical location, will soon become a new hub in Latin America and gateway facing the Pacific Ocean. The impetus for the construction of the Chancay Port comes mainly from the desire of Peru and South American countries for their own development. Currently, most of Peru's cargo to Asia and Oceania needs to transit through Central America or North America, and the throughput cannot meet the needs of foreign trade upgrades.

Chancay is a natural deep-water port that can dock the world's largest cargo ships. After the completion of the Chancay Port, the transportation time of goods exported from South America to the Asian market will be shortened from 35 days to 25 days, and the logistics cost will be greatly reduced. It has been predicted that the Chancay Port will become the "Port of Singapore in Latin America," injecting new vitality into the economic and trade development on both sides of the Pacific Ocean.

The official launching of the Chancay Port is in line with the growing trade needs of China and Latin America and will create new opportunities for the development of Peru and Latin America as a whole. The port is expected to generate $4.5 billion in annual economic benefit for Peru, equivalent to 1.8 percent of the country's GDP, and create thousands of direct and indirect jobs, bringing tangible benefits to the local people.

As the first stop of the "maritime expressway" into Latin America, cranberries and avocados from Peru will be shipped across the Pacific faster and at a lower cost. Peru has launched a railway and road network construction plan to connect the main cities in the country with the Chancay Port, and it is expected to connect with the network of other countries in the region.

In the future, products like Brazil's soybeans, iron ore, frozen meat, Colombia's coffee, avocado may also be continuously shipped to Asia through this new channel. This convenient export channel will open the door for the whole Latin America, integrating the region into the new pulse of Asia-Pacific economic integration.

Apart from that, Chancay Port represents openness and win-win cooperation, with a radius that extends far beyond China and Latin America. Through Shanghai, Japan and South Korea on the west coast of the Pacific Ocean can enjoy this "maritime expressway," which spans the East and West hemispheres as well as the North and South hemispheres. The US, on the east coast of the Pacific, could also take advantage of this new shipping lane to get to Asia.

Amid current turbulence in some regions, crisis in global supply chain and increasing logistics risk, the completion of the Chancay Port provides a new option for Pacific Ocean transportation. Therefore, the port will not only witness "win-win" cooperation between China and Latin America, but also achieve a "win-win" situation for the countries along the Pacific Ocean, promoting the optimization of the global trade system.

As a matter of fact, China's development with the countries of Global South is sincere, and the Chancay Port is a benchmark. In the port project, China exported the most advanced port construction and management technology, carried out cooperation based on the concept of green and low-carbon construction and the principle of openness, inclusiveness and non-exclusion of third countries. This is a bridge for practical cooperation between China and Latin America and is by no means a tool for geopolitical competition. Latin American countries, as independent and sovereign states, are fully capable and wise in choosing partners in their own interests. A more stable and prosperous Latin America is undoubtedly a blessing for China, the US, the Asia-Pacific and the world.

The Chancay Port is the largest infrastructure and logistics project invested by China in Latin America in recent years. "From Chancay to Shanghai" has become a catchphrase in Peru. It signals a booming shipping time between China and Latin America, which means that China can share the fruits of Chinese modernization and high-quality development with people on the other side of the globe, and bring greetings and practices of building a community with a shared future for mankind. The phrase "From Chancay to Shanghai" writes a new chapter for the "Maritime Silk Road," pushing the contribution of China-Latin America cooperation to Asia-Pacific economic integration to a new height. It also sets up a new model of open competition, inclusive development and win-win cooperation among developing countries at a time when the undercurrents of anti-globalization are overwhelming.

What a flagship project like the Chancay Port has taught us is that the desire for development cannot be artificially blocked and cooperation will always speed up the pace of development. China's ability to promote cooperation in many parts of the globe has been under the limelight, and there is no secret in this - only the spirit of mutual respect and mutual benefit. We believe that the future of the Asia-Pacific region will also become more open, inclusive and prosperous with more such solidarity and cooperation.

SOURCE Global Times