Briefly

Hengli builds industrial park

Hengli Group, a Fortune Global 500 company based in East China's Jiangsu province, has started the construction of its new polyester science and technology industrial park in Changxing Island in the northeastern Chinese city of Dalian. The park will be built in three phases and it aims to establish major industrial chains covering degradable materials, functional polyester materials, high-performance resin materials, high-end fiber materials, and new energy materials, the company said. With a total investment of about 26 billion yuan ($4 billion), the Phase I construction project of the park is expected to generate 42 billion yuan worth of annual output value after being put into operation in 2023.

Shandong sees freight train surge

East China's Jinan, capital of Shandong province, operated 764 China-Europe freight trains in 2021, up 41 percent year-on-year, local Customs said. In 2021, the inbound and outbound "Qilu" trains carried some 62,000 twenty-foot equivalent units worth 7.2 billion yuan ($1.1 billion) in total, a year-on-year increase of 40.9 percent and 22.9 percent, respectively. To coordinate COVID prevention and the trains' operation, Quancheng Customs in Jinan facilitated clearance, opened green channels, and set up special service windows for the freight trains, said Wang Ying, deputy director of the Customs.

COSCO Shipping forecasts profits

COSCO Shipping Holdings Co Ltd, one of the largest container carriers worldwide, forecast soaring profits in 2021 due to the tight supply of containers amid the COVID-19 pandemic. Net profit attributable to shareholders during the period will likely jump 799.3 percent year-on-year to about 89.28 billion yuan ($14 billion), a report the company filed with the Shanghai Stock Exchange said. Global supply chains were confronted with challenges and impacts from port congestion, container shortage, and inland transportation delays. Looking ahead, the company said that both challenges and opportunities lie ahead, but there will be no radical changes in market fundamentals considering demand and supply.

Xinhua