China expanding interest in Panama Canal

 CHINA has its eyes not only on a Nicaraguan Canal, but also on the construction of a fourth set of locks in the Panama Canal.
The news comes from the British magazine The Economist, in an article taking stock of the first 100 years of the waterway and what the future holds.

The magazine say that the Chinese will participate in future water interconnections in the isthmus. and not just through Nicaragua.
It describes the construction of a canal in the neighboring country -project driven by Hong Kong tycoon, Wang Jing, as a “quixotic dream” but considers “intriguing” offer of state-owned China Harbour Engineering Company (CHEC) to build and fund a fourth set of locks for Panama,
A delegation led by President of CHEC, Mo Wenhe, conveyed his interest to Jorge Quijano, administrator of the Panama Canal Authority (ACP), during a meeting on August 8 just week
“We are exploring participation in all projects of the Canal, especially in the design, construction and financing of a fourth set of locks,” said Wenhe, and reported in the internet page of the ACP micanaldepanama.com.
Wenhe also announced it will soon set up its regional headquarters in Panama. Wei Wang Hua, representative of the Office of Business Development for China in Panama was also at the meeting.
Panama has no diplomatic relations with China, Former president Ricardo Martinelli plumped instead for Taiwan, which rewarded Panam with a $22 million presidential plane.
The Economist notes that the ACP faces more challenges including the delayed current expansion, which includes the third set of locks-delayed by at least a year and growing competition from Suez, which has also announced an improvement plan – and within the United States.
As an example of this last point, sending container from Shanghai to New York, across the Canal, takes 26 days; but if the merchandise is shipped by boat to California and completes the trip to New York by train completes, it takes 21 days