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China issues guidelines to revolutionize its shipping industry

China issues guidelines to revolutionize its shipping industry

BEIJING: China has come up with a set of guidelines to revolutionize its shipping industry while increasing shares in shipping firms such as China COSCO and China Shipping.

The world’s biggest trading nation will introduce tax and other regulatory reforms while pushing shipping firms to upgrade and modernise their fleets to build an efficient, safe and environmentally friendly shipping system by 2020, the State Council, China’s cabinet, said in a statement.

“Shipping is a key component in economic development and plays an important role in protecting a country’s maritime rights and economy, in promoting exports and industrial development,” it said.

The government would also encourage firms to retire vessels early, reducing supply, and develop shipping centres like Shanghai and Dalian to compete eventually with the likes of London in shipping services.