China’s Shipping Industry Reshaping Global Dynamics
China’s Shipping Industry Reshaping Global Dynamics

China’s Shipping Industry Reshaping Global Dynamics

The recently concluded Tianjin International Shipping Industry Expo 2023, held in northern China’s Tianjin Municipality from November 16 to 18, witnessed international participants sharing a common belief in the burgeoning influence of China’s shipping sector.

The event served as a platform to spotlight China’s remarkable advancements, ushering in a new era of development on the global stage.

The latest edition of the Xinhua-Baltic International Shipping Center Development Index showcased a significant presence of Chinese shipping hub cities in the coveted top 10 rankings for 2023. Cities like Shanghai, Hong Kong, Ningbo, and Zhoushan prominently featured on this list, underscoring China’s growing prominence in the realm of international shipping.

The report also underscored Singapore, London, and Shanghai as the world’s preeminent shipping centers, emphasizing the ongoing ascendancy of Asia-Pacific maritime hubs.

“In a rapidly evolving global trade landscape, China’s accomplishments in the shipping sector are charting the course for the future,” remarked Jin Yu Cheong, Head of Baltic Exchange Asia.

Over the past decade, the epicenter of the international shipping industry has witnessed significant shifts, with commodities, trade, and capital progressively gravitating towards the East, remarked Hayao Gen, President of Fenghai Technology Consulting Services Co., Ltd., a consulting firm associated with Japan Port Group.

Chinese port cities like Shanghai, Guangzhou, and Qingdao now hold positions among the top international shipping centers, playing a pivotal role in ensuring the stability of global supply chains, according to the expert in port construction.

China has achieved a significant milestone this year in terms of ship fleet size, a crucial indicator of the shipping industry’s development. Data revealed that the tonnage of the ship fleet owned by Chinese shipowners has surged to 249.2 million gross tonnes, surpassing Greece in gross tonnage and solidifying its position as the world’s largest ship-owning nation.

According to the General Administration of Customs, China’s foreign trade soared to 42.07 trillion yuan (approximately 5.87 trillion U.S. dollars) in 2022. China retained its status as the world’s foremost trading nation in goods for the sixth consecutive year.

Meanwhile, China’s port cargo throughput and container traffic have consistently ranked at the top worldwide for several years. Among the world’s top 10 ports in terms of port and container throughput, China claims eight and seven ports, respectively.

Approximately 95 percent of China’s cargo transportation is conducted via maritime routes, with an extensive network covering major countries and regions globally. Furthermore, the promotion of the Belt and Road Initiative has opened up new avenues for China’s shipping industry on the world stage.

“With the Belt and Road cooperation as a central focus, China is pioneering a strategy that integrates both land and sea, fostering mutual progress between the East and West,” highlighted Ma Jiantang, a member of the Standing Committee of the Chinese People’s Political Consultative Conference National Committee, during the expo.


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