LIMA (Reuters) - Chinese President Xi Jinping said on Thursday during talks with Peru's Dina Boluarte in Lima that China is willing to take the Chancay port, built and controlled by Chinese state-owned Cosco Shipping, as a starting point to forge a new maritime-land corridor between China and Latin America.

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

The new megaport is 992 hectares in size and creates a direct link between Shanghai and Peru and will cut shipment times down by 20 days on some routes.

South of the border, China is ascendant.Chinese leader Xi Jinping arrives this week in a region where China has replaced the U.S. as the dominant trading partner for most big economies, with the exceptions of Mexico and Colombia.

Chinese President Xi Jinping announced plans to utilize the Chancay port in Peru as the foundation for a new corridor linking China and Latin America. This development marks a significant step in Xi's Belt and Road Initiative,

Chinese President Xi Jinping said on Thursday during talks with Peru's Dina Boluarte in Lima that China is willing to take the Chancay port, built and controlled by Chinese state-owned Cosco Shipping,

The Chinese leader is due to inaugurate a $1.3 billion megaport that is expected to become a hub for South America-Asia trade.

As a deflated Biden and Xi both arrive in Peru for the summit, the prospect of growing US isolationism will loom over discussions.

Peru - Recent The Republic of Peru stands out as one of the first Latin American countries to establish diplomatic ties and a comprehensive strategic partnership with the People's Republic of China, with the two countries witnessing ever-growing cooperation in various sectors over the past several decades.