China has established the country's first river shipping exchange in the western city of Chongqing, which will boost the inland city's role as a major transport hub along the Yangtze River, the Ministry of Transport said.
Over the next three years, the Chongqing shipping exchange aimed to service half of all cargo shipments and more than 80 per cent of all container shipping in the upper reaches of the Yangtze River, reported the South China Morning Post.
The exchange also hoped to conduct more than 70 per cent of ship trading for the middle to upper reaches of the Yangtze over the next three years, the ministry said.
The Chongqing exchange would provide specialised shipping services, including financial settlement, insurance and arbitration. It would also provide shipping information.
Chongqing hoped the centre would attract domestic and foreign shipping firms to set up offices in the city, the ministry said.
"The Chongqing shipping exchange will be an important support and financial centre for the upstream Yangtze River."
Sam Chambers, managing director of City Connect, a mainland-based transport consultancy, said: "Chongqing wants to position itself as an inland maritime centre. At the moment, there is no inland city in China that provides such a range of services for shipping, such as financial and legal services."
The transport ministry said transhipment of cargo from neighbouring regions accounted for 35 per cent of the cargo handled by Chongqing port, which aimed to raise that proportion to 50 per cent in three years.
The Chongqing exchange would complement the Shanghai Shipping Exchange, it said.
The Shanghai Shipping Exchange, founded by the Ministry of Transport and the Shanghai government in 1996, is China's first national shipping exchange and is similar in some respects to the Baltic Exchange in London.
The Shanghai exchange's functions include ship trading, trading in cargo-related derivatives and adjusting freight rates, according to its website.
Chongqing is 2,200 km west of Shanghai on the upper reaches of the Yangtze River.
"Chongqing is the furthest point on the Yangtze River where decent-sized ships can sail up to," Chambers said.
Over the next three years, the Chongqing shipping exchange aimed to service half of all cargo shipments and more than 80 per cent of all container shipping in the upper reaches of the Yangtze River, reported the South China Morning Post.
The exchange also hoped to conduct more than 70 per cent of ship trading for the middle to upper reaches of the Yangtze over the next three years, the ministry said.
The Chongqing exchange would provide specialised shipping services, including financial settlement, insurance and arbitration. It would also provide shipping information.
Chongqing hoped the centre would attract domestic and foreign shipping firms to set up offices in the city, the ministry said.
"The Chongqing shipping exchange will be an important support and financial centre for the upstream Yangtze River."
Sam Chambers, managing director of City Connect, a mainland-based transport consultancy, said: "Chongqing wants to position itself as an inland maritime centre. At the moment, there is no inland city in China that provides such a range of services for shipping, such as financial and legal services."
The transport ministry said transhipment of cargo from neighbouring regions accounted for 35 per cent of the cargo handled by Chongqing port, which aimed to raise that proportion to 50 per cent in three years.
The Chongqing exchange would complement the Shanghai Shipping Exchange, it said.
The Shanghai Shipping Exchange, founded by the Ministry of Transport and the Shanghai government in 1996, is China's first national shipping exchange and is similar in some respects to the Baltic Exchange in London.
The Shanghai exchange's functions include ship trading, trading in cargo-related derivatives and adjusting freight rates, according to its website.
Chongqing is 2,200 km west of Shanghai on the upper reaches of the Yangtze River.
"Chongqing is the furthest point on the Yangtze River where decent-sized ships can sail up to," Chambers said.