Beijing: China is loosening regulations pertaining to some of its free trade zones. The Ministry of Transport announced that foreign companies could establish joint ventures in the four Chinese free trade zones to operate international shipping business at Chinese ports.
The foreign companies will be allowed to set up solely foreign-owned enterprise in Shanghai FTZ, and solely Hong Kong or Macau-owned enterprise in Guangdong FTZ to operate shipping businesses.
The other two free trade zones of Tianjin and Fujian will only be approved to set up Sino-foreign joint ventures.
China is trying to provide more favourable policies to the shipping-related industries in its free trade zones, especially in Shanghai, which is aiming to become one of the leading international maritime centres of the world.