Impact of China’s shipping industry growing across the globe

During the Tianjin International Shipping Industry Expo 2023 held in north China’s Tianjin Municipality from Nov. 16 to 18, global attendees expressed a shared belief in the increasing prowess of China’s shipping industry.

The event showcased China’s robust advancements, creating new realms of development within the global landscape.

The latest issue of the Xinhua-Baltic International Shipping Center Development Index unveiled a notable presence of Chinese shipping center cities in the top 10 global rankings for 2023. Cities like Shanghai, Hong Kong, Ningbo and Zhoushan were prominently featured on this list, underscoring China’s growing significance in the international shipping arena.

The report also highlighted Singapore, London and Shanghai as the world’s leading shipping centers, emphasizing the continuous ascent of Asia-Pacific shipping hubs.

“In a rapidly evolving global trade landscape, China’s achievements in shipping are paving the way for the future,” said Jin Yu Cheong, head of Baltic Exchange Asia.

Over the past 10 years, the centers of the international shipping industry have undergone significant changes, with goods, trade and capital gradually moving eastward, said Hayao Gen, president of Fenghai Technology Consulting Services Co., Ltd., a consulting firm of Japan Port Group.

Chinese port cities such as Shanghai, Guangzhou and Qingdao now rank among the top international shipping centers, contributing to the stability of global supply chains, said the port construction expert.

China has made a major breakthrough this year in terms of ship fleet size, an important indicator of the development of the shipping industry.

Data showed the tonnage of the ship fleet owned by Chinese shipowners has reached 249.2 million gross tonnes, surpassing Greece in gross tonnage to become the world’s largest shipowner country.

According to the General Administration of Customs, China’s foreign trade reached 42.07 trillion yuan (about 5.87 trillion U.S. dollars) in 2022. China remained the world’s largest trading nation in goods, achieving this feat for a sixth consecutive year.

Meanwhile, China’s port cargo throughput and container throughput have both ranked first in the world for several years in succession. Among the world’s top 10 ports in terms of port throughput and container throughput, China is home to eight and seven ports, respectively.

About 95 percent of China’s cargo transport is achieved by sea transport, with maritime routes and service networks covering major countries and regions in the world. Moreover, the promotion of the Belt and Road Initiative has created new development space for China’s shipping industry in the world.

“With Belt and Road cooperation as the focus, China is pioneering an opening-up strategy that integrates both land and sea, facilitating mutual progress between the East and West,” Ma Jiantang, a member of the Standing Committee of the Chinese People’s Political Consultative Conference National Committee, said at the expo.

Source: Xinhua

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