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Finance institutions boost shipping industry

By Hu Yang (chinadaily.com.cn)
Updated: 2010-09-30 15:11

China's finance institutions play an important role in boosting the development of the country's shipping and shipbuilding industries, according to bankers attending a shipping conference Wednesday.

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Lease financing has become an increasingly important method of funding the shipping and shipbuilding industries, said Zhou Wei, president of Minsheng Financial Leasing Co Ltd. The company, founded in 2008, is one of the first five financial leasing companies approved by the China Banking Regulatory Commission.

Zhou said the company is planning to expand its business abroad and change from a fund provider to a fund and asset provider.

China Export-Import Bank of China, one of China's policy banks, will draft a detailed Chinese shipbuilding industry stimulus plan, said Li Dan, director of the bank's shipping finance division.

The conference, Shipping China 2010, was held in Beijing from Sept 28 to 29 and was attended by ship owners, ship operators, shipyards, classification societies, ship breakers, lawyers, bankers, and government representatives.