China Urged not to 'Miss the Boat' to be Fisrt-class Player

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Last updated at: (Beijing Time) Friday, April 19, 2002

China Urged not to 'Miss the Boat' to be Fisrt-class Player

China's shipping industry does not want to miss the boat when turning itself into a first-class player in the global arena.

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China's shipping industry does not want to miss the boat when turning itself into a first-class player in the global arena.

That was the consensus reached by participants at China's WTO Shipping Summit which will close in Shanghai on April 19.

Organized by the State Information Centre, the summit aims to sharpen the competitive edge of the shipping industry by gathering opinions from home and foreign shipping companies.

"I am personally fascinated by the enormous speed of China's economic growth," said Michael Everard, member of the executive committee of the International Chamber of Shipping, who chaired the summit.

The significance of China's shipping is growing and the nation will continue to play a big role in the global industry, especially now that it is a member of the World Trade Organization.

Many companies present at the summit are seeking greater co-operation with local partners, he said.

China's shipping now ranks the fifth largest in the world with 50 million tons of handling capacity in operation -- 37 million tons in foreign trade.

A total of 87 per cent of foreign trade, which forms 44 per cent of the country's national economy, is transported via the seas.

"There is no point boasting. To meet the challenges from foreign counterparts, China's shipping industry has to solve many thorny problems," said Xu Guang, deputy director of the Shipping Administration under the Ministry of Communication.

While the world economy maintains an annual growth rate of 3 to 4 per cent, container shipping companies are growing by an average of 25 per cent each year.

This fuels demand for larger, faster and more efficient and environment-friendly carriers.

China currently has 291 registered shipping companies dealing in overseas trade but the majority are small with old and poorly equipped ships.

Some companies even have just one boat and many are not adequately covered against risk.

"It is urgent for the shipping companies to upgrade ships and improve their management," Xu said.

To establish an orderly and competitive shipping market, the State will develop more regulations and laws in accordance with WTO rules while enforcing the construction of more deep-water ports equipped with sufficient facilities, Xu said.

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