Hong Kong must jettison its port-focused mindset
http://splash247.com/hong-kong-must-jet ... d-mindset/
Last week, the local government reported that cargo flowing through Hong Kong dropped by 13.8 percent in 2015, capping a dismal year in which the city’s port declined to the world’s fifth-busiest, dropping behind one-time also-rans Shanghai and Shenzhen.
Trans-shipment.
By Chinese law, foreign vessels can’t carry cargo from one domestic port to another. But Hong Kong, considered an international port, is exempted from this restriction. Foreign ships can move freight from there to any number of mainland ports.
One result is that a large industry of warehouses and other infrastructure has grown up in Hong Kong to support trans-shipment, which represents 72 percent of the port’s business.
Now the Chinese government is under growing pressure from foreign cargo carriers and mainland ports to lift the restriction more broadly. When — not if — that happens, Hong Kong’s position as a super port will only recede further.
Return to Business Sectors & Industries
Users browsing this forum: No registered users and 7 guests