China Merchants’ Global 10-Port Plan
In a move that is anticipated to drive China’s ‘One Belt, One Road’ strategy, China Merchants Holdings International (CMHI) has announced plans to invest in 10 overseas ports in regions that include Russia, West Africa and South East Asia, according to IHS Fairplay.
Bai Jingtao, Managing Director at CMHI, said: “It is important for the nation of China to build international connections so it can develop together with different countries.
“Our development plan mirrors One Belt One Road and this is the primary driver of our expansion strategy. We continue to look for more partners to work with overseas.”
China’s Maritime Silk Road strategy was created to enhance trading connections between countries in and around the Indian Ocean.
“We need to find the right partners in the right locations. Different countries and organisations have different visions and we need to find those whose goals and approach can complement our own.”
Multiple Chinese companies have been merging together recently, presumably in a bid to handle the recent Chinese stock market crash.
The most notable example of restructuring was between Cosco and China Shipping.
According to Bloomberg Business, the Shanghai Stock Exchange is currently down by 57.83 points to 2,804, compared to a high of 5,166 points on June 12, 2015.