Shenzhen's government is to establish a shipping fund of up to CNY3 billion (US$428 million) to boost the development of various local shipping sectors, including newbuildings, clean energy propulsion, shipping digitisation, shipbroking, insurance and law.

 

Government-led capital will account for 35 per cent of the fund and the remainder will be held in the private sector's hands, reported Singapore's Splash 247.

 

The government believes the fund will stimulate the "smart" and "green" transformation of the local shipping industry and help turn Shenzhen into a major maritime city.

 

Source:HKSG GROUP