Shanghai to spend $1.2b for port<\/p>\n
BEIJING (AFP): The city of Shanghai plans to spend at least 10
\nbillion yuan (US$1.2 billion) on dredging the mouth of the
\nYangtze river to allow larger vessels to sail into its port,
\nXinhua said Saturday.<\/p>\n
The report from the official news agency quoted a city
\nofficial as saying that within seven to 10 years, the most up-to-
\ndate container ships and vessels of 100,000-tonnage could be able
\nto anchor in Shanghai's port.<\/p>\n
The plan is part of a project to turn Shanghai into an
\ninternational shipping center capable of handling 220 million
\ntons of cargo by the end of the century and 280 million tons by
\n2010.<\/p>\n
According to the official, the port was expected to raise its
\ncontainer handling capacity from 1.9 million Twenty-foot
\nEquivalent Units (TEUs) presently, to at least 2.5 million TEUs
\nby 2000 and more than six million TEUs by 2010.<\/p>\n
The report quoted experts as saying that, except for heavy
\nsilting which has plagued the port for half a century, Shanghai
\nhad the advantages of the world's major ports, including Hong
\nKong, Singapore, New York and Rotterdam.<\/p>\n
Shanghai is a flourishing financial and trade center which
\nhandles US$52 billion worth of goods annually.<\/p>\n
It also benefits from a 14 to 20 percent annual economic
\ngrowth rate in the Yangtse river basin which boosts the growth
\nrate of container freight at the port by 30 percent annually.<\/p>\n
Official sources say that the seven provinces surrounding
\nShanghai, as well as the municipality, produce 40 percent of
\nChina's Gross National Product and account for 21 percent of its
\nimport and export volume.<\/p>",
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"sponsor": "Okusi Associates",
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