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BOC shipping finance sails forth in Shanghai

BANK of China has established its first shipping finance service center in Shanghai enhancing the city's future as a finance and shipping center.

The shipping finance center, under the Shanghai branch of the bank, is on the Bund in the Huangpu District of Shanghai, which is home to the Chinese offices of most of the leading international shipping companies.

"We set up the center on the Bund to get closer to the needs of shipping companies," said Dong Weijian, president of the Shanghai branch of the Beijing-based bank. "We will also reach more overseas shipping companies with our broad international network."
China's shipping finance services are in their infancy at this stage and offer few sophisticated products.

"We hope we, as industry players, can introduce more global practices and express the needs of shipping companies to the bank with the set-up of the center," said Jeff Xu, vice president and chief finance office of ZIM Integrated Shipping Services (China) Co.

Xu said Chinese banks would have to go further in offering financial services and offer a broader supply of financial products for overseas shipping players.

The State Council has set guidelines for Shanghai to emerge as an international financial and shipping hub by 2020.

Shipping finance, including banking and insurance services, is expected to play a major role.

In China, insurance for cargo owners is popular but insurance services for cargo carriers and agents are limited.


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