Shanghai Port Struggles to Meet Global Ambitions as Trade Slumps
Five years after it passed Singapore to become the world’s largest container port by throughput, Shanghai is finding it a struggle to become a leader in shipping services too.
China’s financial capital still lags behind Singapore, London, Hong Kong, Rotterdam and Hamburg for overall port conditions and maritime services, according to an annual ranking conducted by China’s Xinhua News Agency and the Baltic Exchange, a provider of information on shipping markets.
Zhen Hong, secretary general of the Shanghai International Shipping Institute, said the goal is for Shanghai to become a global shipping leader within the next five years. Declining trade — Chinese exports have fallen for four straight months, while imports are in a year-long slump — will slow the port’s growth but won’t stop it, he said.
“We may not reach the target with flying colors,” Zhen said in a Nov. 9 interview, “but we’ll be able to basically achieve it.”
Fuente: Bloomberg News.