China President Xi Jinping last week inaugurated a $3.5 billion megaport, majority-owned by China state shipping company Cosco, during a trip to Peru.

A new China-backed megaport in Peru may create whole new trade routes that will bypass North America entirely.

The port opening in Chancay underscores China’s growing clout in a region that once looked primarily to the United States for economic opportunity.

China and Latin America have great potential for cooperation in the green and new-energy sectors, as China's advanced new-energy technologies and products match the region's emerging need for clean energy and overall social and economic development,

By Alek Buttermann The inauguration of the Chancay Megaport in Peru marks a significant moment for regional trade, with the facility set to become South America’s largest commercial port. Developed by China's state-owned Cosco Shipping,

China's leader, Xi Jinping, virtually inaugurated the large Chancay port near Lima on Thursday. Built, financed, and controlled by a state-owned Chinese company, the port aims to streamline direct goods transport between Asia and South America.

China's leader, Xi Jinping, virtually inaugurated the large Chancay Port near Lima on Thursday. Built, financed, and controlled by a state-owned Chinese company, the port aims to streamline the direct transportation of goods between Asia and South America.