Recession puts small businesses on brink
Source: Xinhua |
July 27, 2012, Friday
|
Print Edition
Print Edition
CHINA'S shipping industry is grappling with a recession caused by waning demand and higher costs, and many small businesses are facing bankruptcy, the Ministry of Transport said yesterday.
In the first six months, turnover at ports increased 7.2 percent year on year to 4.74 billion tons, 6.1 percentage points lower than the growth in the same period of last year. A drop in domestic traffic was to blame, according to figures released by the ministry.
Container traffic at those ports expanded 8.8 percent to 84.59 million TEUs (twenty-foot equivalent units), 4.3 percentage points lower than the same period a year ago.
The slowdown in the shipping industry reflects the macro-economic operation, said He Jianzhong, spokesman of the ministry. China's economic growth cooled to 7.6 percent in the second quarter, the lowest reading since the third quarter of 2009.
Qinhuangdao on China's north coast, the nation's coal shipping center which is also seen as a barometer of the economy, should have experienced a busy July, as daily transport capacity was at least 50 vessels per day in the past. However, only a quarter of that throughput was achieved this July.
In the first six months, turnover at ports increased 7.2 percent year on year to 4.74 billion tons, 6.1 percentage points lower than the growth in the same period of last year. A drop in domestic traffic was to blame, according to figures released by the ministry.
Container traffic at those ports expanded 8.8 percent to 84.59 million TEUs (twenty-foot equivalent units), 4.3 percentage points lower than the same period a year ago.
The slowdown in the shipping industry reflects the macro-economic operation, said He Jianzhong, spokesman of the ministry. China's economic growth cooled to 7.6 percent in the second quarter, the lowest reading since the third quarter of 2009.
Qinhuangdao on China's north coast, the nation's coal shipping center which is also seen as a barometer of the economy, should have experienced a busy July, as daily transport capacity was at least 50 vessels per day in the past. However, only a quarter of that throughput was achieved this July.
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