this post was submitted on 23 Aug 2023
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Dozens of cranes lift blocks weighing several tons and drop them to compact the soil of a roughly one-square-mile area on Peru’s Pacific coast, part of China’s most ambitious port project in Latin America designed to facilitate trade between the regions.

The port of Chancay, 60 kilometers (37 miles) north of the Peruvian capital of Lima, will be “the gateway from South America to Asia,” said Mario de las Casas, institutional affairs manager of COSCO Shipping, a Chinese state-owned company that is the majority owner of the project.

De las Casas said the $1.3 billion project will offer a direct route to China with a travel time reduction for ships of 10 days. COSCO officials say ships traveling from South America to China normally take more than 45 days with stops in Central America, Mexico or the United States.

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[–] [email protected] 5 points 1 year ago (1 children)

Peru going into China's debt in 3..2...1

[–] [email protected] 3 points 1 year ago

Peru passing law to nationalise newly built port for national security reasons in 10...9...8...

[–] fritobugger2017 5 points 1 year ago (1 children)

I'm sure that will go just as well as the one in Sri Lanka

[–] [email protected] 1 points 1 year ago (2 children)

Any link you recommend to read about these problems?

[–] fritobugger2017 3 points 1 year ago

This is probably the most balanced overview.

https://foreignpolicy.com/2021/03/02/sri-lanka-china-bri-investment-debt-trap/

I tend to feel that China knew that the odds of Sri Lanka defaulting were very high and that was their hope from day one.

[–] dogslayeggs 2 points 1 year ago

China read the book "Confessions of an Economic Hitman" and said, "hey, we can do that."