BOC, PICC unveil measures backing Shanghai's global shipping ambitions

Bank of China and the insurer PICC Group jointly released on Thursday the action plan to support Shanghai's efforts to develop itself into an international shipping center.

The action plan has introduced 10 detailed measures covering the three major areas of shipping security, the facilitation of shipping services and green transition. It is aimed to advance the expansion and integration along the shipping industrial chain, helping to elevate China's influence in the international shipping finance and shipping insurance sectors.

BOC's President Zhang Hui said at the media conference that the bank will work closer with PICC to address the financial demand expressed by shipping companies along the industrial chain. By enriching the shipping financial product supply, BOC will make more efforts to nurture innovative attempts in trade digitalization, he said.

The new action plan is aimed to help Shanghai grow into a world first-rate shipping hub connecting to the rest of the world while showing intelligent, green and low-carbon development, said PICC's president Zhao Peng.

The new action plan was released during the two-day Lujiazui Forum held in Shanghai.