President Xi Jinping on Thursday inaugurated Latin America's first Beijing-funded port in Chancay, Peru -- a symbol of China's growing influence on the continent.

The US$3.5-billion complex, about 80 kilometres north of Lima, is meant to serve as a hub for Chinese trade as the country prepares for the threat of major tariff hikes once Donald Trump re-enters the White House for a second term.

The port was officially opened in a ceremony overseen virtually by Xi and Peruvian counterpart Dina Boluarte from Lima, where they will attend an Asia-Pacific Economic Cooperation summit on Friday and Saturday.

"China plays a major role in the growth of our economy," Boluarte said at the event.

Xi, for his part, said the port would help "promote connectivity" between South America and China.

"We are witnessing... the birth of a new land-sea channel between Asia and Latin America in the new era," Xi said.

Peru -- one of Latin America's fastest-growing economies over the past decade -- is China's fourth-largest Latin American trading partner, with bilateral flows of nearly US$36 billion in 2023.

Chancay port will also serve Chile, Colombia, Ecuador and other South American countries, allowing them to skirt ports in Mexico and the United States as they trade with Asia.

Chancay is the latest addition to infrastructure projects built under the Belt and Road Initiative to stimulate trade.

Hong Kong-listed Cosco Shipping Ports, which owns 60 percent of the port, has a 30-year concession to operate the terminal and has forecast it will handle up to a million containers in its first year of operation. (AFP)