Shanghai: The city of Zhoushan in Zhejiang province has recently issued a series of new shipping policies to help local shipping companies get through difficulties.
The government aims to optimize the financing environment for the local shipping industry by offering more loans and reducing financing costs. Zhoushan Port Authority also jointly established Zhoushan Henglong Shipping Development Company to provide emergency funds to local shipping companies.
The government is also encouraging mergers between local shipping companies by offering subsidies ranging from RMB1m to RMB2m in addition to tax cuts or exemption. [08/08/13]