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            november 14, 2019

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China to support mergers


China has announced plans to encourage mergers and private investment to support and modernise its shipping industry, according to Shipping Gazette.
Foreign companies would also be allowed to set up firms without Chinese joint venture partners in Shanghai's free trade zone, and qualified Chinese companies would be encouraged to expand their overseas businesses, it added.
The Ministry of Transport laid out how it planned to implement reforms of the nation's shipping industry in a document posted on its website, saying it aimed to achieve most of its targets over the next four years.
It first published a set of guidelines in September to support and develop its shipping industry, reported Reuters.
In the document published at the end of last month, the government said it would conduct research on how to promote mergers and acquisitions between the industry's firms, with a view to encourage specialisation.
The government also pledged to actively encourage mixed-ownership reform of its state-owned shipping firms.
Finance and insurance institutions would be asked to increase support for the shipping industry to help promote the development of the country's ship leasing and insurance sectors, with the aim of achieving results by 2015, it said.

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