On the coast of Peru, just north of the capital Lima, a $US1.3 billion ($1.9 billion) ultra-modern deepwater port that cuts shipping times to Shanghai by a third to 23 days passed its first year of operation late in 2025.
The Chancay Port, majority-owned by a Chinese state-backed shipping giant Cosco and opened to great fanfare by President Xi Jinping in November 2024, has helped boost trade between Peru and Shanghai by 47.1 per cent year-on-year, according to Shanghai Customs.
Jessica GardnerUnited States correspondentJessica Gardner is The Australian Financial Review’s United States correspondent. She was previously deputy editor - news. Connect with Jessica on Twitter. Email Jessica at jgardner@afr.com
