Peruvian President Dina Ercilia Boluarte Zegarra began a five-day state visit to China this week, marking the first visit by a Peruvian leader in eight years. Starting in Shenzhen, south China’s Guangdong Province, President Boluarte will also visit Shanghai, Suzhou in east China’s Jiangsu Province, and Beijing.
China and Peru, comprehensive strategic partners since establishing diplomatic ties on November 2, 1971, are experiencing unprecedented momentum in their bilateral cooperation. President Boluarte’s visit is expected to deepen political trust and enhance economic collaboration, demonstrating the resilience of their friendship amidst global geopolitical uncertainties.
Peru stands as China’s fourth-largest trading partner in Latin America. Following the seventh round of Free Trade Agreement negotiations this month, China-Peru trade is gaining significant momentum. According to Latin American magazine América Economía, Peruvian exports to China exceeded $25 billion in 2023, resulting in a $13 billion trade surplus—a substantial increase from $3.55 billion in 2008.
The optimistic outlook for Peru’s economy further bolsters this positive trajectory. The Central Reserve Bank of Peru recently raised its economic growth forecast from 3 percent to 3.1 percent for the year.
China has been Peru’s main trading partner for years, with Peruvian exports such as copper, silver, zinc, and iron finding a strong market in China. Additionally, Peru has a notable presence in Chinese markets with products like fishery and agricultural goods, textiles, and chemicals.
A key highlight of the cooperation is the Chancay Port Complex megaproject, primarily sponsored and constructed by COSCO Shipping. As a signature project under the Belt and Road Initiative in Latin America, the port is scheduled for inauguration in November. Once operational, the sea travel time between Chancay and Shanghai will be reduced to approximately 20 days, establishing a new trans-Pacific shipping route.
President Boluarte’s visit underscores the deepening ties between China and Peru, showcasing a shared commitment to economic development and mutual prosperity in an era marked by global challenges.
Reference(s):
cgtn.com
