On Thursday, China’s President Xi Jinping will officially inaugurate a milestone on the New Silk Road. The port of Chancay on Peru’s Pacific coast is one of the most important infrastructure projects that China has launched on the South American continent. Its importance is by no means limited to container handling. Chancay is a political signal that reaches all of Latin America, reminding the United States of China’s growing presence in its backyard and Europe of its own shortcomings.