China moves to modernise shipping sector

[SHANGHAI] China published a set of guidelines to support and develop its shipping industry on Wednesday, sending shares in shipping firms such as China Cosco and China Shipping higher.

The world's biggest trading nation is focusing on the shipping industry as it looks to secure its supply chains and grows more assertive over territorial disputes in the South China Sea, unnerving neighbours such as Vietnam and Japan.

China 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 published on its website. It said: "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."