China’s Xi heads to Peru for Apec meeting shrouded in Trump fears
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Leaders of the world’s largest economies are meeting in the Peruvian capital Lima for the Apec summit.
PHOTO: REUTERS
BEIJING – Chinese leader Xi Jinping headed to Peru on Nov 13, bound for a meeting of Asia-Pacific Economic Cooperation (Apec) leaders overshadowed by fears of renewed global trade tensions under Donald Trump.
Mr Xi will join leaders from the US and other Asia-Pacific nations in the Peruvian capital Lima for the Apec gathering, after which he will go to Brazil for a Group of 20 (G-20) summit.
China – the world’s second-largest economy – is grappling with a prolonged housing crisis and sluggish consumption that could worsen under Trump, who has promised to slap 60 per cent tariffs on Chinese imports.
While in Peru, the Chinese leader will also inaugurate South America’s first Chinese-funded port, in Chancay, around 80km north of Lima.
Expected to serve as a major trade hub, the US$3.5 billion (S$4.68 billion) complex is seen as symbolic of Beijing’s growing influence in South America, where it has built a vast array of railways, highways and other infrastructure.
Bilateral trade between China and Peru, one of Latin America’s fastest-growing economies over the past decade, stood at nearly US$36 billion in 2023, making Peru China’s fourth-largest Latin American trading partner.
The Chancay port will also serve Chile, Colombia and Ecuador, among other South American countries, allowing them to skirt ports in Mexico and the US for trade with Asia.
Starting Nov 13, Lima will receive government ministers and business leaders of Apec member countries, which also include Russia, Japan, South Korea, Indonesia, Chile and Australia.
Ministerial meetings will take place on Nov 14, followed by talks at the level of heads of state the following two days.
State broadcaster CCTV said Mr Xi will be accompanied in Peru by Foreign Minister Wang Yi.
Peru to Brazil
After Lima, Mr Xi will go to the Brazilian coastal city of Rio de Janeiro from Nov 17 to 21 for a summit of G-20 leaders.
China is Brazil’s top trading partner, exceeding US$180 billion in each-way trade in 2023, with semiconductors, phones and pharmaceuticals dominating exports to the South American country.
Since returning to power in 2023, Brazilian President Luiz Inacio Lula da Silva has carried out a delicate balancing act as he seeks to deepen ties with China while improving relations with the US.
Both Brazil and China have sought to position themselves as mediators in the conflict in Ukraine, while declining to sanction Russia for its invasion.
A visit in 2024 by Vice-President Geraldo Alckmin was seen as paving the way for Brazil to join China’s massive Belt and Road Initiative infrastructure project.
A number of South American nations, including Peru, have signed up to the initiative, a central pillar of Mr Xi’s bid to expand China’s clout overseas. AFP
