China to Introduce Policies to Support Shipping Industry: Radio

China will remove “unreasonable fees” and introduce supportive policies for shipping companies in the second half of the year to help them through an industry downturn, China National Radio reported yesterday, citing a Ministry of Transport official.

The ministry “is pro-actively striving for a reasonable tax burden for the shipping industry and, at the same time clean up unreasonable fees,” said Song Dexing, head of the ministry’s water transport bureau, according to the report.

The plan comes as Cosco Shipping Co., a listed unit of China’s biggest shipping group, said on July 10 that its first-half net loss tripled. Data released on July 10 showed an unexpected drop in China’s June exports and imports, underscoring the severity of the country’s slowdown.

China Rongsheng Heavy Industries Group Holdings Ltd., the nation’s biggest shipyard outside state control, is seeking financial help from the government, as the nation’s shipowners association forecast a slump in vessel orders will run through next year.

— With assistance by Daryl Loo, and Regina Tan

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE