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People's Daily Online>>China Business

China-flagged ships favored

By Liang Yiwen (Shanghai Daily)

09:40, March 07, 2012

CHINESE ships registered at the Yangshan Deep-water Port can now enjoy export rebates and other favorable policies as the port became the first in the country to accept bonded ship registration from yesterday.

Domestic shipowners previously needed to pay more for China-flagged vessels because they couldn't enjoy the export rebates for them. This led many domestic companies which are engaged in international shipping to register their vessels in foreign countries to trim operating cost and avoid China's strict quarantine and other regulations.

Shanghai, the world's largest container port, only has 380 registered international ships, which lags far behind Hong Kong and other global ports, the Shanghai Maritime Administration said, adding that Chinese ships registered overseas increase annually.

"The trend restricted the development of shipping-related financial services, including ship mortgage and insurance," said Chang Fuzhi, a spokesman for the administration.

Shanghai aims to attract more international ships to register in the city to boost the financial leasing and other service sectors related to the shipping industry as the city tries to develop itself into a global shipping hub by 2020.

The next step will see the Shanghai Free Trade Zones working with the maritime authorities to develop favorable policies in customs, foreign exchange and tax exemption.

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