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.

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.