FTZ to allow foreign, private players in shipping industry

China will allow overseas investors to establish and own shipping enterprises, according to new guidelines that aim to boost the deficit-plagued sector.

The guidelines issued by the State Council on Wednesday pledged to give an open door to foreign investors and private companies in the shipping industry.

Shipping businesses fully owned and controlled by foreign investors can be founded within the China (Shanghai) Pilot Free Trade Zone, according to the guidelines.