Greater China

Tianjin makes pitch for finance hub status

Tianjin: As a shipping hub in north China Tianjin has already scored many firsts in the shipping finance sector including the first offshore ship leasing deal and first offshore RMB clearance ship leasing deal in China.

Currently, Tianjin Dongjiang Free Trade Port (DFTP) is actively developing itself into the ship finance centrer in China.

“We have allowed commercial banks registered in DFTP to operate offshore banking businesses. We are simplifying the process of approving offshore accounts and working on measures to facilitate foreign currency management,” said Zhang Zhongdong, director of DFTP International Shipping and Finance Development Promotion Center, speaking at Marine Money’s China conference on Tuesday.

“We recently have also issued a tax refund policy for export vessels and offshore products under financial leasing deals, and many tax exemption policies for financial leasing companies registered in DFTP to promote the development of the ship finance centre,” Zhang added. Currently, major financial leasing companies registered in DFTP include ICBC Leasing, CCB Leasing, CMB Leasing, Minsheng Leasing and CIMC Leasing, with 26 offshore vessel leasing deals concluded.

Zhang also revealed that DFTP is also developing cruise business with HNA Tourism,China’s first cruise management company recently registered in DFTP.  [28/11/12]

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