Northeast China to invest CNY53 billion to build shipping centre

NORTHEAST China's Shandong province plans to invest CNY53 billion (US$7.76 billion) to boost its shipping industry development and shape itself as an international shipping centre in northeast Asia by 2010, reports Xinhua.

According to the plan, the province will set up five shipping trading centres respectively in Qingdao, Yantai, Rizhao, Weihai and Jining, and increase its coastal berths to number 440 of which will be 230 deep water berths, and upgrade port capacity to 620 million tonnes.

It will also improve four main transport networks for containers, ores, coals and crude oil, by developing Qingdao, Rizhao and Yantai to three 100 million-tonne capacity ports. It aims to create a shipping heart in northeast Asia, which centres on Qingdao port with complementary hubs of Rizhao and Yantai, based on the port group on Shandong Peninsula.

Source: Portnews