Introducción Relaciones Peru China antes de 1971 Relaciones desde 1971 en adelante

1. Relaciones Peru
China y la situacion
economica y politica
del Peru
Universidad de Asuntos
Exteriores de China
September 2023
Carlos Aquino Rodriguez
Director, Centre for Asian Studies
San Marcos National University
caquinor@unmsm.edu.pe

2. Temario
• Introducción
• Relaciones Peru China antes de 1971
• Relaciones desde 1971 en adelante

3. Introduccion
• Las relaciones de Peru con China son muy antiguas
• Durante el Virreynato de España en el Peru existía el comercio entre
Latinoamerica y China por el Galeon de Manila
• Luego desde 1849 empezó la inmigración china al Peru
• En 1874 el Peru establecio relaciones diplomáticas con el entonces
Imperio Qing en China
• Pero el comercio y las relaciones eran pocas en el siglo XX

4. https://www.geografiainfinita.com/2020/06/el-galeon-de-manila-la-globalizacion-que-trajeron-las-espanas/

5. On this day in 1813, the Spanish government ended the Galleon Trade. The abolition of the almost two-centuries-and-a-half lucrative trans-Pacific trade was among the legislative
actions of the Spanish Parliament in Cadiz.
https://www.facebook.com/nqc2021/photos/a.2169167036736448/2728070360846110 24-09-2020

6. • En 1971 se establecen relaciones diplomáticas del Peru con la
Republica Popular China
• Desde 1990 comienza la inversión china en el Peru
• En el 2011 China se convierte en el mayor destino de las
exportaciones del Peru, pasando a EEUU
• Actualmente China es el mayor socio comercial del Peru.
• China tambien es probablemente el mayor inversor en el Peru. A fines
del 2022 un 24% del total de la Inversión Extranjera Directa en el Peru
viene de China (31.1 mil millones de dólares de un total de IED de
129.5 mil millones de dólares)

7. • Peru firmo un TLC con China que esta vigente desde el 2010
• Desde el 2013 Peru y China tiene un acuerdo de Asociación
Estrategica Integral
• Peru se unió a la iniciativa de la franja y la ruta el 2019
• Peru es miembro del Banco Asiático de Inversión e Infraestructura
• Hay 4 Institutos Confucio en el Peru

8. Indice
• Introduction
• Current situation of Peru economy
• Peru’s political situation
• Challenges ahead for Peru economy
• Annex: Peru relations with China

9. Introduction
• Peru is a country of 33 million people living in a
territory with an area of 1,285,216 km2.
• In 2022 its GDP was of 244.4 billion US dollars. Its
GDP anual economic growth rate that year was 2.7%.
• In the last two decades it has been one of the fastest
growing economies in Latin America.
• The main engine of that growth has been the export
of goods, mainly of the mining and the non-
traditional agricultural exports.
• Exports increased from a value of 6.8 billion dollars
in 2000 to 63.2 billion in 2022 (data from Peru
Ministry of Trade and Tourism).

10. Peru in the
last two
decades has
been one of
the fastest
growing
economies
in Latin
America

12. https://www.imf.org/en/Publications/WEO/Issues/2023/07/10/world-economic-outlook-update-july-2023?CID=sm-com-homepage-WEOET2023004

13. Graph 1: Real
Per Capita
Gross
Domestic
Product
Source: Peru Central Bank,
Annual Report 2022

14. Graph 2: Per
capita GDP in
US$ and
international
US$ (PPP)
Source: Peru Central Bank,
Annual Report 2022

15. Graph 3: Peru’s
exports and
imports, US$
MM
Source: Ministry of Foreign Trade and
Tourism

16. Table 1: Peru
is a country
rich in natural
resources,
especially in
mining
Source: Peru Central Bank,
Annual Report 2022

17. Source: Peru Central Bank, Annual Report 2022

18. Table 2: Peru´s
exports of
goods in 2022
Source: Ministry of Foreign Trade and
Tourism

19. Source: Peru Central Bank, Annual Report 2022

20. Peru´s main
foreign trade
partners in
2022
Source: Ministry of Foreign Trade and
Tourism

21. Source: Peru Central Bank, Annual Report 2022

22. Peru’s economy
background:
• At he end of the 1980s Peru economy was in bankrupt state.
There was a deep reccesion, hyperinflation, state owned
companies were also bankrupt, and terrorist groups ravaged
the country. The country was also cut-off from the
international financial system and political parties were
discredited.
• The new government elected in 1990 implemented
economic reforms that made Peru economy more open and
atractive to foreign investment.
• The state presence in the economy diminished, tariff rates
were lowered, labor market was liberalizated (changes in
employment laws that lower the costs of hiring and firing
workers), and fiscal discipline was imposed.
• Terrorist groups were crushed. The Peruvian economy grew
with no interrumption from 1993 until 2019, except for
1998.
Source: https://manifold.bfi.uchicago.edu/read/the-case-of-
peru/section/12466d4e-8123-4775-be11-3cc718678fcf

23. Peru’s economy
background:
But one of its main weakness is that this economic growth
have not created much formal employment. The poverty rate
decreased but regional disparities persist.
FDI has been one of the main reason for the emergence of a
dynamic export sector. The increasing exports of mineral and
energy products as also non-traditional agricultural products
is a proof of that.
A new Constitution in 1993 helped to a establish a more free
and open market economy, and limited the role of the state in
it.

24. Peru political situation
• The main problem of Peru are its institutions,
which are of low quality, that foster inefficiency
and corruption, in particular its political system.
• From 1990 there has been 11 Presidents and
nearly all of them come from political parties
that were created just a few months or years
before elections. From 2018 to now there has
been 6 Presidents in power. Many of them did
not have previous political experience.
• Most of the Presidents from 1990 onwards has
been accused of corruption and some of them
are in jail or in judicial process.
• From December 2022 there is a new President,
Dina Boluarte, until july 2026.
• In April 2023 Toledo was extradited to Peru and
is now in jail. Ollanta is being judged but is now
free. The same is now for Pedro Kuczynski.

25. Challenges ahead for Peru economy
The present political situation in
Peru is also the result of a
dysfunctional political system.
There were social protests at the
beginning of this year, asking for
earlier elections, but now the
situation has abated.
Earlier elections (with no
meaningful reform in the political
system) will do little, or nothing,
to improve the political situation.
And some political groups want to
change the present Constitution.
Peru economy grew in the last
years, despite the political
instability. But now, that is no
longer the case.

26. Challenges ahead for Peru economy
• Peru is an open economy. The most open in Latin America, together with
Chile and Mexico. So, its economic performance depend also on the world
economy situation.
• Foreign trade in goods for 49.9% of GDP in 2022. Export of goods represented
27.1% that year (data of Peru Central Bank). In 2022 around 32.9% of those
exports went to China, and 49.2% to Asia.
• The stock of FDI at the end of 2022 was 52.9% of GDP. Chinese investment
represented 24% of that stock.

27. Anexo: Relaciones economicas del Peru con
China
• El 2022 Peru exporto bienes a China que represento el 32.9% del
total, mientras a EEUU fue el 13.6%.
• Peru depende del mercado de China, principalmente para sus
exportaciones de cobre. El cobre representa el 30.5% de las
exportaciones del Peru. China es el destino del 73.6% del cobre
peruano exportado.
• Las exportaciones a China continuan incrementandose, y por ejemplo
en los primeros 7 meses de este año 2023 las exportaciones a China
representaron el 37% del total.

28. Principales socios
comerciales del Peru,
Enero-Julio 2023
Source: Ministry of Foreign Trade and
Tourism

29. • De acuerdo a estadisticas del Peru data, a fines del 2022 habia un stock
de IED de 30.19 mil millones de dolares, de los cuales de China era
solo el 3.7% del total. Pero de acuerdo a otras fuentes, el stock de IED
en Peru a fines del 2022 fue de 129.5 mil millones de dolares
(UNCTAD) y de China fue 31.1 mil millones de dolares (AEI)
• China sigue invirtiendo en el Peru. Por ejemplo ahora China Southern
Power Grid comprara las operaciones de Enel Peru, por 2.9 mil
millones de dolares. Pero hay una controversia sobre esa inversion,
pues el 2019 otra compañia china, Yangtze Power Co. Ltd., una
subsidiaria de Three Gorges Corporation, habia comprado las
operaciones de Luz del Sur por 3.59 mil millones de dolares.

32. • Un megapuerto esta siendo construido en Chancay, al norte de Lima,
con una inversión total de 3.5 mil millones de dolares. COSCO
construye y operara ese puerto, y tiene 60% de participacion en ese
proyecto.
• Peru y China están negociando una actualización del su ALC, que esta
vigente desde el 2010
• Peru se unió a la IFR el 2019
• El 2024 será la cumbre de APEC en Peru

33. Bibliography
• AEI: China’s Global Investment Surges, Finally https://www.aei.org/research-products/report/chinas-
global-investment-surges-finally/
• BBC: https://www.bbc.com/news/world-latin-america-63971274
• CNN: https://www.cnn.com/2022/12/07/americas/peru-president-castillo-congress-dissolves-intl/index.html
• UNAL: https://periodico.unal.edu.co/articulos/crisis-en-peru-decadas-de-corrupcion-e-inconformismo-social-
que-no-encuentran-salida?fbclid=IwAR3OzA9niFkLwMsJV9mSm-mWnZRa6uAB_OttlnjRkqcLKR0jmOcu_e684XE
• La Republica: https://larepublica.pe/sociedad/2023/02/05/arequipa-el-tercer-distrito-rico-del-peru-tiene-
estadio-pero-no-agua-potable-lrsd-147920
• UNCTAD: World Investment Report 2023 https://unctad.org/system/files/official-document/wir2023_en.pdf
• Peru Central Bank: Nota Semanal 23/02/2023 https://www.bcrp.gob.pe/docs/Publicaciones/Nota-
Semanal/2023/ns-08-2023.pdf
• Peru Central Bank: Resumen Informativo Semanal 16/02/2023
https://www.bcrp.gob.pe/docs/Publicaciones/Nota-Semanal/2023/resumen-informativo-2023-02-16.pdf
• Peru Central Bank: Annual Report 2022 https://www.bcrp.gob.pe/publications/annual-report/annual-report-
2022.html

34. • El Comercio: https://elcomercio.pe/economia/dia-1/enel-venta-de-
enel-distribucion-a-china-southern-power-que-posibilidades-hay-de-
que-indecopi-apruebe-la-transaccion-entrevista-china-southern-
power-grid-international-hk-servicio-de-electricidad-energia-
electrica-noticia/
• Reuters: https://www.reuters.com/business/energy/enel-peru-says-
state-run-chinese-power-firm-eying-possible-purchase-2023-02-24/