China releases new shipping guidance

Beijing: The central government of China has released a new guidance for the shipping industry in an effort to promote and transform the industry.

Currently China has a total shipping capacity of 142m dwt which ranks fourth in the world. The country aims to further develop the whole supply chain of shipping through various favorable policies.

State Council said in a release that the government will introduce tax and other regulatory reforms while pushing shipping firms to upgrade and modernize their fleets to build an efficient, safe and environmentally friendly shipping system by 2020.

“Shipping is a key component in economic development and plays an important role in protecting a country’s maritime rights and economy, in promoting exports and industrial development,” the council said.

Meanwhile, China Association of the National Shipbuilding Industry (CANSI) released a white list for the shipbuilding industry. The shipyards on the list will get better policy support from the government. A total of 51 shipyards have been chosen for the first batch of the list.

“It is the first time that shipping has been brought onto a national strategic level and the guidance will have a significant influences on China’s shipping industry,” said Song Dexing, director of the Water Transport Authority of the Ministry of Transport. [04/09/14]

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