The local government of Shenzhen has made plans to set up a policy shipping fund of up to RMB3bn ($428m) to support the development of the shipping industry.
The government-led capital will account for around 35% of the fund and the rest will comprise of investments from private sectors.
The fund will make investment into various shipping sectors including newbuildings, clean energy propulsion, shipping digitisation, shipbroking, insurance and law.
The government believes the fund will help the “smart” and “green” transformation of the local shipping industry and support the city’s development into a major maritime city.
Shenzhen, a major container port in China, completed a container throughput of 25.73m teu in the year of 2018, ranked fourth in the world.