They're not buying the Panama Canal, they're funding an entirely new one through Nicaragua.
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Both, honestly
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A Must Read Tweet! Pay Attention To China’s U.S. Purchases! 

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Thank you Jimmy Carter for this horrible deal. And an even warmer thank you to
@BillClinton for not acting in 1999 when he had the chance to stop it with senate help. His lack of action was due to China and Indonesia financing his political careerThanks. Twitter will use this to make your timeline better. UndoUndo
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It's going to be a part of their war machine. Think about it, if they wanted to hit the US, having the ability to hit from all coasts is a hell of a lot more effective than only from the West.
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You act like the panama canal would be off limits to any US actions during war simply because the Chinese own it. Additionally it is not like the Canal is some stealthy causeway that is undetectable. You would be able to watch the ships go through.
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We should dig a new canal along our Southern border. Secure, AND profitable.
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A decade ago Schumer and Hillary were in melt-down because Dubai Ports was bidding to operate the ports.
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Old technology
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