Ningbo: Dr Yu Shicheng, Chief Secretary of Shanghai Maritime University, speaking at the Cosco-organised World Shipping Summit in Ningbo, discussed the opportunities in the newly formed Free Trade Zone (FTZ) in Shanghai for the intermodal industry in China.
“Currently foreign shipping companies in China are not satisfied by profits from the shipping sector, they are extending their network to the mid-west region which is currently under development, however, they were facing various policy restrictions made by the government,” Yu said.
“The new FTZ has greatly improved the situation, it allows foreign shipping companies to control more than 49% equity in the joint venture here. I think it won’t be too long before full foreign investment shipping companies are allowed, currently foreign invested shipmanagement company have already been allowed in the FTZ. The new policy also allows foreign flag container ships which operate on international routes to bring cargo between other Chinese coastal ports and Shanghai,” Yu added. [06/11/13]