AI
Wednesday, December 15, 2004 7:58:14 PM
COSCO Pacific in talks on mainland port plan
In the Cox Report issued by Congress, it stated that the China Ocean Shipping Company (COSCO) is actually an arm of the Chinese military establishment.** [COSCO is a large conglomerate making international shipping as its core business and encompassing shipping agency, forwarding, air freight forwarding, terminals and warehousing, inland haulage, trade, industry, financial affairs, insurance, real estate, tourism, contract employment and medium-level and higher education, It is one of the 56 big Group of enterprises approved by the State.]
#msg-4024852
Thus the Chinese military establishment under COSCO will have a presence at the port of Ningbo.
This looks to be a Chinese military port right in the middle of the Koreas, Japan and Taiwan.
-Am
COSCO Pacific in talks on mainland port plan
www.chinaview.cn 2004-12-14 13:11:03
BEIJING, Dec. 14 -- Mainland container leasing and port investor Cosco Pacific is in talks with China’s Ningbo Port about investing in a new container terminal, newspapers reported Sunday.
The port of Ningbo, one of busiest ports on the mianland, said in November it planned a US$1.05 billion expansion with three Hong Kong firms to build up to nine container berths.
The port, in the wealthy eastern Zhejiang Province, declined to name the partners but said the Hong Kong firms would cover half the investment and the city of Ningbo would supply the rest of the funding.
“We are interested in all important ports in China,” the South China Morning Post quoted Wei Jiafu, chief executive of COSCO’s parent firm, China Ocean Shipping Group, as saying on the sidelines of an international logistics forum in Shenzhen over the weekend.
“It is the Hong Kong-based company, COSCO Pacific, which is involved in the discussions.”
Trade in China, the world’s seventh-largest economy, is booming as multinationals set up factories to tap cheap labor to produce export goods and as the country gorges on imported resources and finished goods.
Ningbo Port Group already runs port joint ventures with Asia’s richest businessman, Li Ka-shing, via his ports-to-telecom conglomerate Hutchison Whampoa. (Regarding Li Ka-shing see China’s Taking of the Panama Canal #msg-2384357)
Statistics show that mainland’s trade with the rest of the world continue to rise, boosting shipping demand.
(Source: Shenzhen Daily-Agencies)
In the Cox Report issued by Congress, it stated that the China Ocean Shipping Company (COSCO) is actually an arm of the Chinese military establishment.** [COSCO is a large conglomerate making international shipping as its core business and encompassing shipping agency, forwarding, air freight forwarding, terminals and warehousing, inland haulage, trade, industry, financial affairs, insurance, real estate, tourism, contract employment and medium-level and higher education, It is one of the 56 big Group of enterprises approved by the State.]
#msg-4024852
Thus the Chinese military establishment under COSCO will have a presence at the port of Ningbo.
This looks to be a Chinese military port right in the middle of the Koreas, Japan and Taiwan.
-Am
COSCO Pacific in talks on mainland port plan
www.chinaview.cn 2004-12-14 13:11:03
BEIJING, Dec. 14 -- Mainland container leasing and port investor Cosco Pacific is in talks with China’s Ningbo Port about investing in a new container terminal, newspapers reported Sunday.
The port of Ningbo, one of busiest ports on the mianland, said in November it planned a US$1.05 billion expansion with three Hong Kong firms to build up to nine container berths.
The port, in the wealthy eastern Zhejiang Province, declined to name the partners but said the Hong Kong firms would cover half the investment and the city of Ningbo would supply the rest of the funding.
“We are interested in all important ports in China,” the South China Morning Post quoted Wei Jiafu, chief executive of COSCO’s parent firm, China Ocean Shipping Group, as saying on the sidelines of an international logistics forum in Shenzhen over the weekend.
“It is the Hong Kong-based company, COSCO Pacific, which is involved in the discussions.”
Trade in China, the world’s seventh-largest economy, is booming as multinationals set up factories to tap cheap labor to produce export goods and as the country gorges on imported resources and finished goods.
Ningbo Port Group already runs port joint ventures with Asia’s richest businessman, Li Ka-shing, via his ports-to-telecom conglomerate Hutchison Whampoa. (Regarding Li Ka-shing see China’s Taking of the Panama Canal #msg-2384357)
Statistics show that mainland’s trade with the rest of the world continue to rise, boosting shipping demand.
(Source: Shenzhen Daily-Agencies)
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