Following the implementation of Nansha 15 Financial Innovation Measures and upcoming unveiling of Guangdong Free Trade Zone, Guangzhou embraces another piece of good news. Guangzhou Shipping Trade Co. Ltd. was just registered and will be unveiled soon, disclosed by the Guangzhou Municipal Port Affairs Bureau on March 23. The sponsor shareholders include Guangzhou Shipping Exchange, Guangzhou Port Company Limited, Guangzhou Nansha Assets Management Co. Ltd., Guangzhou Finance Holdings Group Co. Ltd., and Guangzhou Urban Development Investment Funds Management Co. Ltd. Thus the long-awaited Nansha shipping finance reform has been officially launched. And Guangzhou Shipping Exchange will be restructured from a public-welfare institutional organization to a state holding company to implement the shipping financial innovation policies in Nansha free trade zone, explore and develop shipping trade, finance, factoring, the third-party payment settlement and other services and promote development of the shipping finance of Nansha.

According to the exclusive report of Nanfang Daily, Guangzhou will set up a three-tier modern shipping service system: the top tier will be Guangzhou Shipping Council, which will be jointly established by the provincial and municipal government with the provincial and municipal leaders acting as members of the council. The council will be responsible for supervision of the shipping service sector, direct and plan the industrial development direction of the sector to ensure an open, fair and just market. The middle tier will be Guangzhou Shipping Exchange and Guangzhou Shipping Trade Co. Ltd., which share the same team of staff members. Guangzhou Shipping Exchange will shoulder the responsibilities of public services while Guangzhou Shipping Trade Co. Ltd. will participate in the market-based operation as a market player. The lowest tier will be four professional branches.

 

It is introduced that Guangzhou Shipping Exchange and Guangzhou Shipping Trade Co. Ltd. will set up four shipping trade centers, namely the shipping trade center, bulk goods trade center, shipping financing assets trade center, shipping talent trade center and settlement center, to pioneer the shipping financial innovation policies, study and develop shipping trade, finance, factoring, the third-party payment settlement and other services and promote development of the shipping finance of Nansha.

 

Source: Nanfang Daily, March 24, 2015