The economy: unbreakable bond that unites China and Peru

Our country was not the same since the arrival of the first Chinese immigrants in 1849. The entry of these citizens gave rise to a social, cultural and even economic explosion that has implications to this day. And on this last point, from the creation of the first grocery stores with Asian owners, and the traditional chifas, to the establishment of a FTA with the Asian giant. There is a lot to tell.

This is widely analyzed by Center for China and Asia-Pacific Studies from the Universidad del Pacífico (UP), which presents the book ‘In search of a path to avoid the middle-income trap: the cases of China and Peru’, in an effort to strengthen the ties of fraternity between our countries, and understand more broadly the economic relationships that mutually benefit us.

This document is published as part of the celebrations for the tenth anniversary of the creation of this cultural organization, explained the director of the cultural organization and one of the authors of the study, Rosario Santa Gadea.

The book, which offers a comparative approach to the cases of economic development of both nations, aims to promote mutual knowledge and identify lessons learned in favor of joint development. A total of 22 specialists, 9 from the Asian giant and 13 nationals, participated in the project.

Rosario Santa Gadea explained that China and Peru They have middle-income economies that aspire to rise to the group of high-income economies, a point that unites them and drives them to mutually cooperate with each other. The Chinese authors expose the process that China develops to achieve this objective, while the Peruvian scholars focus on the case of our country.

“In this way, we seek to have a comparative vision, drawing lessons learned. And something very important: China for us, as a trade and investment partner, requires that the Peruvian side have better knowledge. We must know better the counterpart, what is happening and how the second economy in the world, which plans to be the first, is now transforming,” Santa Gadea explained.

The editor of the book pointed out that it discusses several central themes, such as sustainable development, infrastructure and connectivity, with emphasis on the new silk road. In addition, the issue of innovation and technology and comparative development is taken into account. “We do not go in head-on to analyze trade trends, reciprocal investment, but rather, we go in to get to know the counterparty better, to study China, its economy, its transformations, its achievements, its difficulties, etc.,” she explained.

Close relationship

He Peruversus China, has a status that, in diplomatic terms, is understood as a comprehensive strategic partnership, explained the director of the Center for Studies on China and Asia-Pacific. In this way, she explained that our cooperation can occur in all areas, and is not restricted to a certain area, such as trade or investment.

“A first status is a strategic partnership, a second is a comprehensive strategic partnership. We are there, and only some Latin American countries have it,” she highlighted.

Center for Studies on China and Asia-Pacific highlighted that the relationship between Peru and China is very old, which favors our ties at all levels. He recalled that in 2021 the 50 years of diplomatic opening between both countries were celebrated and that we are the only nation in Latin America that has with the Asian giant.

“We must not also forget that Chinese migration in Peru is very important, the most important in Latin America in terms of number. And we are a Pacific country. We share that basin with China, we participate in APEC (Asia Pacific Economic Cooperation Forum) and so this characteristic of being a Pacific country also gives us a special bond,” highlighted the specialist.