China Approves Second Shipping-Related Merger This Month

  • Sinotrans to become a subsidiary of China Merchants Group
  • Restructuring comes amid weakness in shipping freight rates

The Sinotrans Ningbo container ship sails out of a shipping terminal in Tokyo, Japan.

Photographer: Kiyoshi Ota/Bloomberg

China has approved another strategic restructuring of two state-owned shipping-related conglomerates, the second such move this month as the government steps up efforts to shrink industries plagued by overcapacity and create globally competitive businesses.

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