Peru sues a Chinese company to revoke port operating rights, and China could lose $1.3 billion! - Video

#china #chinanews #peru #uae #harbor #construction

On the global economic map, ports are often symbols of power and influence. In recent years, China has expanded its port network around the world through its ambitious Belt and Road Initiative, and the port of Chancay in northern Peru is one of the key nodes.

As far as I know, the port was built with an investment of US$1.3 billion by COSCO Group, which owns 60% of the operating rights. It is expected that the Port of Chancay will be completed and put into use in 2024. It will not only be one of the most important ports in South America, but also a strategic hub connecting Asia and South America. However, just as the project was on track, an unexpected policy change could change the entire game.

In March this year, the Peruvian government made a major decision and attempted to cancel COSCO Group’s exclusive right to operate the port. Although the legal proceedings will not affect the construction of Chancai Port, this wrong decision will cause a big blow to China's strategic layout.

Once China loses its port operating rights, it will also lose its strategic commercial and port hub between Asia and South America, and all investments will be in vain.

So why did Peru suddenly cancel China’s operating rights to the port? How will this port affect commercial and strategic relations between Asia and South America in the future?

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