LIMA (Reuters) -Chinese President Xi Jinping launched a week-long diplomatic blitz of South America on Thursday by inaugurating a massive deep-water port in Peru, a $1.3 billion investment by Beijing as it seeks to expand trade and influence on the continent.

The port opening in Chancay underscores China’s growing clout in a region that once looked primarily to the United States for economic opportunity.

China has made a $1.3 billion bet that a new port in Peru will boost access to South America’s agricultural bounty. Cashing in on the investment may be harder than expected.

Chinese President Xi Jinping began his week-long diplomatic visit to Latin America on Thursday with the virtual inauguration of Chancay Port in Peru. The $1.3 billion project, funded by China, is expected to become a major trade hub between South America and Asia.

Chinese President Xi Jinping on Thursday inaugurated Latin America's first Beijing-funded port in Chancay, Peru -- a symbol of the Asian superpower's growing influence on the continent as it prepares to face off with a new Donald Trump administration.

Chinese President Xi Jinping and Peruvian counterpart Dina Boluarte inaugurated a $1.3 billion port that could transform South American trade with Asia just as Beijing prepares for a potential trade war with the US.