Zheng Xiaofeng says COSCO Shipping (Hong Kong) will help upgrade the city’s shipping industry and leverage the opportunities brought by the Belt and Road Initiative. (CALVIN NG / CHINA DAILY)
A senior management figure at a Hong Kong-based State-owned shipping leader has vowed to strengthen the local shipping industry and enhance its status as an international shipping center, making the city a “superconnector” for the Belt and Road Initiative.
Zheng Xiaofeng, deputy general manager of the public relations division of COSCO Shipping (Hong Kong), made the remarks at a media briefing on Tuesday, to coincide with the 19th China National Maritime Day.
To achieve those goals, the group said it will register more ships in Hong Kong and build a greater shipping network to enhance the city’s role as a leading transit hub and improve its status as the world’s fourth-largest destination for ship registration, said Zheng.
“Hong Kong was born a port city. To some degree, it is shaped by the shipping industry. The city enjoys strong backing from the country, while being connected to the world. That also gives the city a unique strength in shipping,” Zheng said.
COSCO Shipping (Hong Kong) is a subsidiary and a major regional headquarters of China COSCO Shipping Corp Ltd, a State-owned enterprise headquartered in Shanghai. As one of the world’s largest shipping companies, the group’s business network spans over 1,500 ports in over 160 countries and regions, with more than 1,100 offices in over 70 countries and regions. The company owns nearly 1,400 ships with a total carrying capacity of 110 million metric tons.
In operation for more than 60 years, the Hong Kong subsidiary has been an important strategic node in the parent company’s global service network, covering businesses in shipping services, expressways, information technology, industrial manufacturing, freight services and property management.
The company operates two terminals in Hong Kong, and around half of its ships are registered in the city. It developed 65 international container shipping routes connecting to Hong Kong, and its throughput volume ranks first in the region.
“The shipping industry is closely related to the movement of people and goods, and Hong Kong’s unique advantages offer enormous opportunities for the industry’s development,” Zheng said.
According to Zheng, the “one country, two systems” principle renders the city the freest, most open free trade port and it is also the nation’s only jurisdiction to adopt a common law system with its judicial system being widely accredited. He said he has been impressed by the city’s inclusive and pluralist cultural background and its rich business opportunities.
In addition to its strength in providing quality financial services, these advantages have enabled the international finance and shipping center to serve as a superconnector in the construction of the Belt and Road Initiative, said Zheng, adding his company has been contributing to the progress over the past decade since the initiative was unveiled by President Xi Jinping.
For example, the Hong Kong branch played a crucial role when the Chinese mainland group invested in Piraeus Port in Greece in 2021, the largest port in the Mediterranean and the fourth-largest container port in Europe.
With Piraeus Port at its core, China COSCO Shipping launched the China-Europe Land-Sea Express Line, which connects Greece to the interior of Europe with high logistics efficiency. The cooperation has strengthened the company’s maritime influence in Europe, said Zheng.
China COSCO Shipping Ports Ltd, the ports operator and investor under the group, has also capitalized on Hong Kong’s strengths to facilitate the group’s global expansion, including securing joint venture projects like a container terminal (phase 2) in Khalifa Port in Abu Dhabi, the Abu Dhabi terminal project, and the Chancay Terminal north of the Peruvian capital of Lima.
Zheng said Hong Kong is becoming more competitive in the global shipping market, thanks to the nation’s support and the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
The group will strive to upgrade logistics infrastructure in GBA and enhance the connectivity within the area, and facilitate the city’s integration into the nation’s development, said Zheng.
In the future, Zheng said, he hopes that the Hong Kong shipping company can become a model for serving the city, providing more job opportunities, high employee mobility, and attracting more people to work in the city and in the vast Greater Bay Area.
Additionally, the company will continue to increase its social responsibility efforts in Hong Kong, such as charitable and volunteer activities, to truly embody the spirit of being rooted in Hong Kong and serving Hong Kong, he added.
