Guangzhou to invest $15.4 billion in shipping industry

Guangzhou will invest 100 billion yuan ($15.4 billion) from 2018 to 2020 in its shipping industry, according to a three-year action plan recently released by the city to build the Guangzhou International Shipping Center.  

In the following three years, the southern city will focus on the construction of port and shipping infrastructures and container collection and distribution system, promote the upgrading of port functional structure, develop modern logistics and the shipping industry, enhance global exchanges and establish a smart port that is highly efficient, safe and in order.

By the end of 2014, the total number of Guangzhou's shipping enterprises reached 6,000 and by the end of 2017, the number surpassed 50,000.

According to Yuan Yue, vice director of Guangzhou Port Authority, many leading shipping companies have either settled or established their regional headquarters in Guangzhou, including the world's largest bulk cargo shipping company China Cosco Shipping Corporation Limited.

Guangzhou also established the first shipping exchange in South China through which more than 1,600 ships worth over 6.2 billion yuan were sold from 2014 to 2017. In November 2016, Guangdong Shipping Transaction Integrated Information Service Platform was released in Guangzhou, becoming the first of its kind offering shipping transaction information and smart shipping services.