Cargo Business Newswire

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Tuesday, January 10, 2012

Top Story

Shenzhen reaches out to Hong Kong to overtake Shanghai port

Southern China’s municipality of Shenzhen released its plans to develop a $45 billion logistics hub, and is reportedly looking to next-door neighbor Hong Kong to participate in a venture that the project’s proponents hope could rival Shanghai to become one of the world’s largest port complexes.

According to news reports out of the region, the Shenzhen project would include investment in 475 new, and current, projects in the master-planned Qianhai Port City, a 5-square-mile zone in the Pearl River Delta, scheduled for completion by 2015.

“If Hong Kong and Shenzhen can pool their resources, we can overtake Shanghai as the world's biggest (in port facilities)," said Qu Jian, deputy director of the Shenzhen-based China Development Institute to the South China Morning Post.

"Our cooperation would be crucial for us to become the leader in the global logistics business," he said.

The Qianhai logistics zone would reportedly attempt to bring in global supply-chain firms via tax incentives, bank loans and related incentives.

For the Reuters source: www.reuters.com