Guangzhou has outlined a master plan for a shipping development centre at an anticipated cost of US$15.7 billion, which will include 60 major port and shipping related projects to be developed between 2015-2017, according to Splash24/7.
The project is also intended to provide support to Guangzhou Port, with the development of the Nansha International Automobile Logistics Park.
This news follows a previous article published by PTI in February, 2015, detailing Guangzhou’s intention to turn Nansha District into an international shipping centre, which, at the time, did not have a definitive price tag.
According to Lloyds List, Guangzhou is taking the foothold for the project as Beijing pulls back on its proposed investment in a bid to recover from a struggling economy.
China’s financial prowess recently took a plunge after a recent stock market crash plunged domestic markets into endemic uncertainty.
The event is likely to have serious implications on China’s output and could even have wider ramifications on Chinese ports and the supply chain.
Despite the severe drop in financial value, Jonathan Roach, Container Market Analyst for ACM Shipbroking, said: “China will remain the global factory and this will remain for the foreseeable future; and outsourcing manufacturing to China isn't going away anytime soon.”