And it cuts train freight to boot.
The National Assembly in Nicaragua approved giving Beijing-based telecommunications CEO Wang Jing a 50-year renewable lease to build a canal 3-times wider and longer than the Panama Canal. It also awards tax-free side projects including ports on Nicaragua's Pacific and Atlantic coasts, an oil pipeline bisecting the country, a cargo railway, two free-trade zones and an international airport.
Wang says he's confident there's demand for a waterway accommodating larger ships than even the expanded Panama Canal can handle. No kidding.
The dominance of China in world trade is inevitable, especially after the massive head-start Obama has incompetently opened up. No doubt China would like to build double-sized ships to haul goods even cheaper to waiting markets in the USA and Europe.
Bypassing California is an extra special bonus. Wealthy Chinese are busy chewing on the dying state buying up real-estate in a depressed market. Next they will deal a fatal blow to California's debt-ridden economy when they go around ports in Long Beach, San Diego and Oakland.
The left-coast liberals are finding their pants down around their collective commerce ankles. California's port business is the leading source of income in a state trying to feed half of Latin America's illegals.
CA Pop Explodes - Whites Exit, Hispanics Enter
CA Sours On Unions
US Warships Tangle With Chinese Warships