Cosco CEO says China's economy strong enough to lift shipping sector

Time:2012-10-25 Browse:13 Author:RISINGSUN

CHINA Cosco Holdings chief said that he expects the shipping industry to see a turnaround as China`s economy gains steam, reports Bloomberg.

 

"We`re only beginning to see signs of recovery," said Cosco chairman and CEO Wei Jiafu during an interview at a shipping forum. "Premier Wen said the Chinese economy has seen a turning point in the third quarter, and it is bullish news for the shipping industry."

 

China Cosco`s comments come as the government announced measures to protect the domestic shipping market. The State Council said it will introduce regulations that prevent domestic firms from chartering foreign-built ships on domestic waters and stop foreign shipping service firms from working in China, reports the South China Morning Post.