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BEIJING -- China's first 100,000-tonnage smart fish farming ship completed its undocking and launching successfully in the eastern city of Qingdao, after nearly 400 days of construction. The ship, coded as Conson No 1, has a length of 249.9 meters and a width of 45 meters. It was designed to carry out aquaculture operations, according to the China Science Daily. With a water body displacement of 130,000 tons, the vessel has 15 farming cabins providing 80,000 cubic meters of water for high-end commercial fish such as large yellow croakers, which are expected to produce 3,700 tons a year. Starting in December 2020, the ship construction was initiated by the Qingdao Conson Development Group, an investor in the construction project, and jointly developed by major Chinese shipbuilders and research institutes. A total of 50 such ships are expected to be built to form a deep-sea aquaculture industrial chain with an annual output of over 200,000 tons of high-value fish worth more than 11 billion yuan ($1.73 billion), said the company.

Africa's transport sector is expected to strongly benefit from a free-trade deal being bedded down across the continent, with projections of 160 million new jobs if countries exploit the agreement's full potential. In order to realize these goals, the African Continental Free Trade Area, or AfCFTA, must be accompanied by the implementation of regional infrastructure projects, according to Vera Songwe, the executive secretary of the United Nations Economic Commission for Africa. The trade deal took effect in January last year. Songwe was speaking during the fifth Africa Business Forum, which was held alongside the 35th ordinary session of the African Union Summit on Monday. The annual forum is an initiative that aims to promote closer ties between the private and public sectors. "If we were able to ensure that our transport sector works well, we could create 160 million jobs," she said. "Implementing the AfCFTA and planned infrastructure projects would result in the need for 2,213,579 trucks, 169,339 rail wagons, 135 vessels and 243 aircraft. Rail currently transports just 0.3 percent of total intra-Africa freight. This increases to 6.8 percent with the implementation of the AfCFTA. "The estimated cost of equipment required by different transport modes to cope with the AfCFTA is about $411 billion. Investment opportunities in infrastructure development and fleet expansion vary across subregions for different modes of transport." The business forum, which brought together heads of state with chief executive officers and other stakeholders, took place with the theme "Investing in Multimodal Transport Infrastructure to Optimize the Benefits of the AfCFTA: A Focus on Air Transport and Tourism". Key factors According to Amani Abou-Zeid, the African Union commissioner for infrastructure and energy, efficient and affordable transport options are key to the success of the trade deal. "However, Africa still lags in the area of trade competitiveness and transport costs in Africa are among the highest in the world and harm our continent's productivity and competitiveness on local and international trade markets," Abou-Zeid said. She said 35 African states have joined the Single African Air Transport Market, an initiative of the African Union to create a unified air transport market in Africa. The countries account for more than 60 percent of Africa's population. "Air transport liberalization is projected to result in an additional 600,000 jobs, $4 billion additional GDP per annum and additional 4 million tourists across Africa," Abou-Zeid said. A study released by the United Nations Economic Commission for Africa at the forum indicates that the implementation of the continental free-trade pact would lead to an increase in demand for intra-African freight of around 28 percent by 2030.

A COSCO Shipping container ship arrives at Yangshan port in Shanghai on Feb 20, 2021. BEIJING -- COSCO Shipping Holdings Co Ltd (COSCO Shipping), one of the largest container carriers worldwide, forecast soaring profits in 2021 due to the tight supply of containers amid the pandemic. Net profit attributable to shareholders during the period will likely jump 799.3 percent, year-on-year, to about 89.28 billion yuan (about $14 billion), according to a report the company filed with the Shanghai Stock Exchange. Global supply chains were confronted with challenges and impacts from port congestion, container shortage, and inland transportation delays. Looking toward 2022, the company said that both challenges and opportunities lie ahead, but there will be no radical changes in market fundamentals considering demand and supply. The company will continue to deepen the integration of the container shipping business and terminal business segment, continuously strengthen business-model innovations via digital technology, and build the new ecology of smart and green shipping. "The company is confident of achieving good results in 2022," said the report.

Aerial photo taken on July 13, 2021 shows a loaded ship leaving a container terminal in Lianyungang, East China's Jiangsu province. WASHINGTON -- Kristalina Georgieva, managing director of the International Monetary Fund (IMF), on Thursday called for more policy agility and global cooperation to navigate an economic "obstacle course" as the world enters the third year of the COVID-19 pandemic. "The (global) recovery continues, but it has lost some momentum," Georgieva said at a virtual media roundtable with reporters. "We are particularly concerned about the higher uncertainty in front of us." Georgieva noted that there are "three main obstacles" on the path to the global recovery, namely the pandemic, rising inflation and high levels of debt. "We need to be like a tiger in this year to deal with the complex challenges ahead, and top of mind is indeed policy agility," Georgieva said, referring to the Chinese New Year of the Tiger, which started Tuesday. Given different levels of inflation and debt as well as different policy space in different countries, "policy actions should be calibrated to country's specific circumstances," she said. Georgieva's remarks came after the IMF last week projected the global economy to grow by 4.4 percent in 2022, down 0.5 percentage point from the forecast in October 2021, as economies grapple with supply disruptions, higher inflation, record debt and persistent uncertainty. Georgieva urged central bank officials to strike a delicate balance between addressing inflation and protecting the economic recovery, as some central banks have taken steps to provide clear forward guidance regarding the withdrawal of monetary policy support. The IMF chief also stressed the importance of global cooperation as the world economy recovers from the pandemic, saying "we have to do more to work together." "In my view, the biggest lesson from the pandemic is we are interdependent. We need our scientists to serve the whole world. We need our supply chains to not be interrupted so they can deliver more for the benefit of the global economy," Georgieva said. While the global economy contracted by 3.1 percent in 2020, it was far less severe than a 10 percent contraction the IMF initially predicted, thanks to an incredible global coordination of fiscal and monetary policy actions, especially in the first months of the pandemic, Georgieva noted. "The IMF provided a platform for this coordination, so what we have seen is a fairly quick uptake in trade," she said, adding those who say globalization is going to reverse maybe take a bit overly pessimistic view. In response to a question about the Chinese economy, Georgieva said China does have fiscal and monetary policy space to boost economic growth. "Some steps are taken in that direction to use this space to provide economy with the necessary boost, so we don't see growth being undermined," she said. "It is also very important to carefully assess and calibrate pandemic-related response, because the pandemic is changing," she added.

China's first domestically made cruise ship conducts its first floating in the shipyard of Shanghai Waigaoqiao Shipbuilding Co Ltd in December. BEIJING -- China's shipbuilding sector continued to take the lead globally last year, as busy maritime transport across the world pushed up ship demand. The country's shipbuilding output, an indicator reflecting the vitality of the sector, amounted to 39.7 million deadweight tons (dwt) in 2021, rising 3 percent year-on-year, data from the Ministry of Industry and Information Technology showed. The 2021 output accounted for 47.2 percent of the world's total, up 4.1 percentage points from that in 2020, the ministry said. New shipbuilding orders, another major indicator of the shipbuilding industry, surged 131.8 percent year-on-year to 67.07 million dwt in 2021, accounting for 53.8 percent of the global market share. Holding order volumes came in at 95.84 million dwt by the end of last December, rising 34.8 percent from the end of 2020 and taking up 47.6 percent of market share globally. The ministry also said the international competitiveness of Chinese shipbuilding companies further enhanced in 2021, with six companies ranking among the world's top 10 shipbuilders in terms of output, new orders and holding orders, respectively.

An aerial view of the container dock of the Qinzhou Port section of China (Guangxi) Pilot Free Trade Zone in Qinzhou, South China's Guangxi Zhuang autonomous region. BEIJING -- Cargo and container throughput at China's ports registered stable growth in 2021, data from the Ministry of Transport shows. Last year, cargo throughput at China's ports totaled 15.55 billion metric tons, up 6.8 percent year-on-year, according to the ministry. The country's container throughput at ports during the period climbed 7 percent from a year earlier to 282.72 million twenty-foot equivalent units (TEUs), the ministry said. In December 2021, China's ports handled nearly 1.34 billion tons of cargo, while container throughput stood at 23.07 million TEUs, according to the ministry. China has adopted multiple measures to cope with the container shortage amid the COVID-19 pandemic, such as shipping empty containers back to domestic ports, accelerating the production of containers and promoting digital transformation of ports for smooth flow of cargo. The country's total goods imports and exports expanded 21.4 percent year-on-year to 39.1 trillion yuan ($6.14 trillion) in 2021.

A US cargo ship docks at the Qingdao Port, Shandong province. Removing additional tariffs will benefit not only China and the United States but also the world, Shu Jueting, spokeswoman of China's Ministry of Commerce, told an online media briefing on Thursday. Amid the context of inflation, elimination of additional tariffs are in line with ultimate interests of producers and customers in both China and the US, and will also help the world's economic recovery, she said, after being asked for comments on US President Joe Biden's recent remarks that it was too soon to make commitments on lifting US tariffs on Chinese goods.

A US cargo ship docks at the Qingdao Port, Shandong province. The central government has released a new set of measures to stabilize China's foreign trade, a key driver of economic growth, as officials and experts expect stronger headwinds faced with the sector this year. In a guideline published on Jan 11, the State Council, China's Cabinet, unveiled a host of measures to explore the growth potential of national imports and exports and ensure the stability and unimpeded operation of industrial and supply chains. Key measures include amplifying the role of overseas warehousing, as financial institutions will be encouraged to bolster support of trading and logistics businesses in the development and use of overseas warehouses. To boost the potential of consumer imports, China will optimize its cross-border e-commerce list, expand the categories of goods and host more promotional events for imported products. The latest measures come amid expectations that export growth could slow this year following an exceptionally strong 2021. China's total foreign trade hit a historic record level of $6.05 trillion in 2021, surging 21.4 percent from the year earlier, with exports up 21.2 percent and imports up by 21.5 percent year-on-year. Li Kuiwen, a spokesman with the General Administration of Customs, told a news briefing last week that despite strong momentum last year, China's foreign trade could face more instability as it deals with challenges including dwindling demand, supply shock and weakening expectations. With the COVID-19 pandemic raging globally, the external environment is even more complex, challenging and uncertain, and momentum for a rebound in global demand is slowing, he said. Louis Kuijs, head of Asia Economics at British think tank Oxford Economics, said in a research note that while China's exports will continue to be underpinned by the ongoing global economic recovery and an easing of supply constraints, foreign demand for its goods is slowing, and foreign spending will likely shift more to services throughout the year. He explained that some exporters could see short-term benefits from the Regional Economic Partnership, which was enacted on Jan 1, but that most of the benefits will come in the long run. In stabilizing industrial and supply chains, the latest guideline pledged to encourage businesses to sign long-term contracts with shipping companies and encourage financial institutions to provide inclusive financial support to eligible small and micro businesses involved in logistics. The document stated that local authorities have also been asked to draft more support policies for labor-intensive sectors-especially textiles, clothing, furniture, plastic products, toys and ceramics-to stabilize the job market.

An aerial view of the container dock of the Qinzhou Port section of China (Guangxi) Pilot Free Trade Zone in Qinzhou, South China's Guangxi Zhuang autonomous region. Chinese exporters in the Guangxi Zhuang autonomous region said they look forward to business opportunities emerging from the Regional Comprehensive Economic Partnership pact, an agreement expected to help companies lower tariffs and raise their competitiveness. The agreement is expected to provide a strong boost to international trade and investment and contribute to the global economic recovery from the COVID-19 pandemic. It is also expected to bring growth to existing trade arrangements. The RCEP agreement, which took effect on Jan 1, is considered the world's largest free trade agreement in terms of economic power. The total population of its 15 member countries-the 10 member states of the Association of Southeast Asian Nations and China, Japan, South Korea, Australia and New Zealand-also covers roughly 30 percent of the world's population. Guangxi Liugong Machinery Co Ltd, a machinery manufacturer based in Liuzhou, Guangxi, said the RCEP agreement will bring significant business opportunities to the company, given that the member countries have a high potential for economic growth. "We will further increase efforts to improve our sales, and boost our ability to raise funds and perform after-sales services overseas," said Li Dongchun, general manager of the international business department of the company. Guangxi TWT Supply Chain Management Co Ltd, a Nanning-based trading company, said it imports fruit from ASEAN markets, such as shipping fresh mangoes from Cambodia to Qinzhou Port in Guangxi. "With the RCEP agreement taking effect, Japan, South Korea, Australia and New Zealand will also enact zero tariffs for imported fruit. Thus, we can export more fruit to countries like Japan and South Korea," said Wang Zhengbo, president of the company. "Vietnam used to levy a 15 percent tariff on goods exported to the country by heavy trucks. Now, the tariff has dropped to zero, thus it has significantly raised the competitiveness of products that are exported from China to Vietnam," he said. Qinzhou officials said they would continue to expand trade with other RCEP nations and improve the city's position in industrial chains. CNGR Advanced Material Co Ltd, a company in the city that provides new energy materials for lithium batteries, is talking with Indonesia about importing nickel ore. Qinzhou Port is the domestic port with the greatest number of container ships bound for ASEAN markets. In 2021, annual cargo throughput at the port reached 160 million metric tons, local government officials said. Last year, the port was listed for the first time as one of the top 100 ports globally in terms of its ability to handle container ships, indicating that it is developing into an international hub port. The China-Malaysia Qinzhou Industrial Park, celebrating its 10th anniversary, expects to accelerate independent innovation and expand its ties with the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Economic Belt. Together, they plan to expand collaboration with other RCEP members. Over the past three decades, China-ASEAN economic ties have grown at a rapid pace, and 2021 marked the 30th anniversary of the establishment of the China-ASEAN dialogue partnership. Despite the negative impact of the COVID-19 pandemic, trade between China and ASEAN nations still shows strong growth momentum. Over 30 years, bilateral trade value between China and ASEAN nations skyrocketed to $684.6 billion in 2020 from less than $8 billion in 1991, making them each other's largest trading partner. In 2021, cross-border trains connecting Nanning and Hanoi, Vietnam, operated 346 freight round trips, with the number having surged 108.4 percent year-on-year. The number is higher than the total trips operated in the previous four years since its launch in 2017, according to China Railway Nanning Group Co Ltd. The China-Vietnam freight train service transports several types of goods, and volumes have been growing continuously. Through the freight service, some high-quality fruits, electronics and daily necessities from ASEAN nations have been transported to different regions of China after arriving in Nanning. Last year, 19,400 tons of imported fruit, including durians, mangosteens and longans were transported to China via the freight train service, and their volume was up 14.7 percent year-on-year. China has exported products such as glassware, cotton, electronic components and diesel engines to ASEAN nations through the train service. On Jan 6, a freight train moving fruit from ASEAN markets arrived in Pingxiang, Guangxi. It was the first freight train to transport fruit since the RCEP agreement took effect this year. The train carried 17 large containers of Thai durians, valued at about 11 million yuan ($1.74 million), according to China Railway Nanning Group. This year, 400 China-Vietnam freight train trips are expected. Guangxi's local government said it would enthusiastically promote new business opportunities emerging from the RCEP agreement and further push forward the economic and trade cooperation between China and ASEAN nations.

China's first domestically made cruise ship conducts its first floating in the shipyard of Shanghai Waigaoqiao Shipbuilding Co Ltd in December. Nation on cusp of intensifying efforts in domestically made high-end vessels The breakthroughs that Shanghai-based shipbuilders made in December indicate the country's growing capacity for producing high-end vessels as it strives to become a global shipbuilding power, experts said. Three shipyards in Shanghai recently announced successful developments in their respective areas, namely China's first domestically made cruise ship being put in the water, the world's largest B-tank very large ethane carrier (VLEC) being delivered, and the undocking of the world's largest container ship. The new achievements displayed Chinese shipbuilders' capabilities in shipbuilding technologies, market scale, industrial chains as well as shipbuilding-related supply chains, said Lin Guolong, director of Shanghai Maritime University's Logistics Research Center. "Despite being a world leader in building vessels, China used to build comparatively less technology-intensive ships. Now, China is on course to become a shipbuilding power, as more high-end vessels are being built with more technology and innovation inputs," Lin said. China's first domestically made cruise ship was placed in the water beside Shanghai Waigaoqiao Shipbuilding Co Ltd on Dec 17, which means about 55 percent of its total construction workload has been completed. Due for delivery in September 2023, the 135,500-gross-ton Vista-class vessel officially entered the second-half phase of interior decoration and system debugging. "Marine cruise shipbuilding is always challenging, and it was particularly challenging amid the COVID-19 pandemic," said Arnold Donald, CEO of Carnival Corp, during a video speech at the floating ceremony. He believed that despite all the obstacles, Shanghai Waigaoqiao Shipbuilding's continuous progress in construction work will ensure timely delivery of the vessel. Its steel sheet cutting ceremony took place over two years ago. At the floating stage, the 323.6-meter-long and 37.2-meter-wide cruise ship's elimination of remaining stress in the hull structure will help technicians collect data as they measure and verify the vessel to ensure its structural safety and stability. However, the most challenging part for the Chinese cruise shipbuilder is just beginning. Experts said building a cruise ship is "an unprecedented challenge" for China's shipbuilding industry in terms of its special structure, craftsmanship complexity, construction difficulties and strict requirements for global supply chain collaboration. "The cruise ship is a floating modern city, which contains everything in life one can imagine, ranging from living, eating, to entertainment and shopping," Lin said. Therefore, every single element of urban life should be taken into the system management of the cruise ship, be it technology, culture or arts, and they should all follow global standards, Lin added. By its delivery, the cruise ship will be capable of hosting a maximum of 5,246 guests with its 2,125 guest rooms ranging from standard rooms to presidential suites, and will enable passengers to enjoy colorful journeys across the seven seas with plenty of on-board entertainment options as well. On Dec 28, the world's first B-tank VLEC-Pacific Ineos Belstaff-was officially delivered, which is regarded as a new technological breakthrough by Jiangnan Shipyard. The 230-meter-long and 36.6-meter-wide vessel was researched, developed and designed independently by Jiangnan Shipyard using the latest market trend of carbon neutrality. And the VLEC vessel features four B-tanks, which allows it to obtain a total capacity of 99,000 cubic meters of ethane. Hu Keyi is chief expert at China State Shipbuilding Corp-the world's largest shipbuilder-and also director of the science and technology committee of Jiangnan Shipyard, a unit of the CSSC. He said Btanks are regarded as the most vital part of a VLEC, and the Type B cargo containment system "BrilliancE "was also fully developed by Jiangnan Shipyard. Compared with the construction of Type-A very large gas carriers (VLGCs), from which Jiangnan Shipyard has garnered rich experience, B-tanks demand higher standards and requirements in terms of processing methodology, quality control, technical standards, precision of assembling and welding, deformation control and installation, said Zhou Qinghua, deputy chief technologist of the 99,000-cubic-meter VLEC. The shipyard is currently in the process of building another three 99,000-cubic-meter VLECs, scheduled for delivery this year. Jiangnan Shipyard is the only Chinese shipbuilder capable of researching, developing, designing and constructing the entire series of liquefied gas vessels, from start to finish, according to experts. On Dec 29, the world's largest container ship with a capacity of 24,000 TEUs (twenty-foot equivalent units) was undocked at the shipyard of its builder Hudong-Zhonghua Shipbuilding (Group) Co Ltd in Shanghai, which marks another major achievement reached in China's shipbuilding industry in building ultra large container vessels. Guests view the cruise ship at its floating ceremony held in Shanghai in December. The ship, designed independently by Hudong-Zhonghua, is the first of six 24,000-TEU ultra large container ships ordered by Evergreen Group. Each is 399.99-meter long and 61.5-meter wide, and they are the world's largest container ships with the greatest capacity. Equipped with desulfuration units, the container ship utilizes state-of-the-art technologies to ensure green sustainability and energy efficiency so as to make the vessel move swiftly and efficiently, with all its performance indicators meeting international advanced standards, Lin said. Having its focus on building high value-added container ships, Hudong-Zhonghua currently has 19 large-sized container ships under construction, and in 2021 alone, it received orders for 13 units. As the nation's leader in designing and building large container vessels, Hudong-Zhonghua has so far constructed more than 60 large-scale container ships (above 8,000 TEUs) for global shipowners. Among them, five represented the world's first batch of ultra large liquefied natural gas-powered 23,000-TEU container ships. Zhou Dequan, director of Shanghai International Shipping Institute's domestic shipping research office, said 2021 was the best year for the global shipping industry since the 2008 global financial crisis. "This is particularly so for the container ship market, which reached record highs in terms of freight and revenue, and the dry bulk cargo sector, which witnessed the greatest year in the past decade," Zhou said. Zhou expects the container ship market will maintain forward momentum in 2022, dry bulk cargo will face a mild market adjustment and oil tankers may experience an uptick after the downward correction in 2021. China took the lead in global shipbuilding by accounting for around half of new ship orders worldwide in 2021, or 965 vessels classed as 22.8 million compensated gross tonnage (CGT), according to British shipping services provider Clarkson. In 2021, a total of 1,846 such new ship orders were placed across the world, with South Korea accounting for 38 percent, ranking second only to China. Lin said despite the encouraging progress China's shipbuilding sector has made, there remain challenges for China to overcome before becoming a truly global shipbuilding power. "Chinese shipyards need to restructure their industrial chain, work hard on their core technologies, pay more attention to design, production and craftsmanship, as well as strengthen their capability in the resilience, flexibility and elasticity of supply chain management," Lin said.

NANNING - A freight train left the port of Qinzhou on the South China coast bound for the inland province of Yunnan on Saturday, loaded with goods such as sugar from Pakistan and coconut milk from South China's Hainan province. The railway authority in Qinzhou Port East Station said more freight trains would bring commodities from the land-sea transport service via Qinzhou ahead of the Chinese New Year, or the Spring Festival, by the end of January. Opened in September 2017, the transport route's operation platform is based in Southwest China's Chongqing municipality. It has been linked with 311 ports in 106 countries and regions via Yunnan and the port of Qinzhou in Guangxi Zhuang autonomous region, from where containers are shipped across the sea to countries including Vietnam, India, Pakistan, Indonesia and Malaysia. Since Jan 1 this year, more than 110 freight trains have passed the port of Qinzhou on the land-sea transport route. As the Spring Festival is approaching, railway authorities in Guangxi vows to fully support the transport service to facilitate more specialty goods from ASEAN countries and Europe to enter China, thus catering to the needs of Chinese consumers.

A US cargo ship docks at the Qingdao Port, Shandong province. JINAN - East China's Shandong province saw its foreign trade surge 32.4 percent year-on-year to 2.93 trillion yuan ($460.7 billion) in 2021, local authorities said on Monday. The province's exports reached 1.76 trillion yuan last year, up 34.8 percent from 2020, and imports hit 1.17 trillion yuan, an increase of 29 percent, said Zhang Yibing, deputy head of Jinan Customs in the provincial capital. Both growth rates were above the national average. The province also reported a 40.8 percent surge in trade with countries along the Belt and Road. The figure hit 937.6 billion yuan, which accounted for 32 percent of the provincial total in 2021. Trade with 14 other member countries of the Regional Comprehensive Economic Partnership reached 1.03 trillion yuan last year, up 32.9 percent from 2020.

The coastal city of Yantai in East China's Shandong province recorded a total foreign trade value of 382.8 billion yuan ($60.35 billion) in January to November period in 2021, increasing by 34 percent year-on-year, hitting a new record, according to statistics released by the city's customs authorities. With the implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement earlier this month, Yantai Customs has released 17 well-calibrated regulatory measures to help local foreign trade enterprises seize the new development opportunities brought by RCEP. The city`s customs authorities issued the first RCEP certificates of origin to companies on Jan 1, which has brought tariff reductions to enterprises, and in turn boosted the development of Yantai`s foreign trade. Pilot measures have been rolled out to reduce the operating costs of enterprises. A total of 18 innovative tax-related suggestions were adopted by the government, which helped reduce taxes and fees for businesses and has stimulated growth and unleashed market potential. Efforts have also been made to improve the efficiency of customs clearance by simplifying the declaration process, and the relevant documents are now electronic, which speeds up the timeline for customs clearance of goods, significantly shortens the time of transporting containers at the port, and cut costs. Official data have shown that in 2021, the overall customs clearance time for imports and exports in Yantai were improved by 57.7 percent and 85.2 percent from that in 2017, respectively. A slew of tailor-made measures were released to meet the diversified needs of enterprises. A policy and financial package was rolled out to boost the exports of commercial vehicles, which has increased the shipment of commercial vehicles to a total of about 151,000 units, a year-on-year growth of 167 percent.

A container ship docks in Qingdao Port, Shandong province, for unloading. BEIJING - Foreign direct investment (FDI) into the Chinese mainland, in actual use, expanded 14.9 percent year-on-year to a record high of 1.15 trillion yuan in 2021, the Ministry of Commerce said Thursday. In US dollar terms, the inflow went up 20.2 percent year-on-year to 173.48 billion dollars. High-tech industries saw FDI inflows jump 17.1 percent from a year earlier, ministry spokesperson Shu Jueting told a press briefing. Foreign investment in China's high-tech manufacturing and high-tech services industries rose 10.7 percent and 19.2 percent year-on-year, respectively. Last year, the total FDI inflow into the services sector increased 16.7 percent year on year to 906.49 billion yuan. Investment in the Chinese mainland from countries along the Belt and Road and the Association of Southeast Asian Nations jumped 29.4 percent and 29 percent, respectively, data from the ministry shows.

The domestically designed and built, world's largest 140-meter-class pile-driving barge Yihang Jinzhuang, equipped with the Beidou Satellite Navigation System, was delivered in Nantong, East China's Jiangsu Province last Friday. The vessel can boost the efficiency of offshore construction projects such as cross-sea bridges, deep-water wharves and offshore wind farms under harsh sea conditions. The floating pile driver with the world's highest pile frame, largest pile-lifting capacity, longest pile-driving length and strongest wind and wave resistance, is equipped with intelligent and digital technologies, including the Beidou system. It was financed, researched and developed by China Communications Construction Co First Harbor Engineering Company and manufactured by Shanghai Zhenhua Heavy Industries Co. It will be used in projects involving large pile foundations, pile group foundations, wind turbine jacket foundations, and wind power single-pile foundations, and it will play a pivotal role in the construction of large ports, cross-sea bridges, offshore wind farms and artificial islands. Chen Xiangmiao, an assistant research fellow at the National Institute for South China Sea Studies, told the Global Times on Sunday that the barge can enhance China's capabilities in offshore operations and serve as a capacity reserve for the development of the South China Sea. "However, there is still a long way to go in the application of it in the South China Sea, where the depth of water can be 1,000 meters," Chen said, noting that pile driving is the first step for construction work in deep sea areas. The Yihang Jinzhuang, at 14,644 gross tons has a pile frame of 142 meters, roughly equal to the height of a 50-story building. With its maximum working pile length of 118 meters plus the depth of water, it can work in much deeper open seas. Gao Xiaodong, leader of the on-site supervision group for the construction of the barge, said that pile driving is the first step in building a structure at sea. In order to ensure stability, the depth of the piles driven into the bottom of the sea has to be twice the depth of the sea water. For example, a pile in sea water that is 40 meters deep has to be driven into the bottom of the sea for 80 meters in terms of depth, so the total length of the pile is at least 120 meters. Zhang Ning, an engineer at the construction company, said when the height of a pile frame exceeds 100 meters, it is very difficult to ensure the strength and stability of the structure. The company managed to make it as strong as possible and as light as possible by optimizing the structure and choosing the appropriate steels. By driving piles of 700 tons in weight and six meters in diameter, the piling ship can reduce the number of piles driven and raise the efficiency of construction. With its wind resistance of fresh gales and wave resistance of 1.8 meters, it can operate in the bad sea conditions. The pile-driving barge is also equipped with China's domestically developed Beidou system, which will be used in navigation during voyages, accurate positioning during operations, and sending messages where there is no 4G signal. According to Kang Yuxing, captain of the ship, the linkage between the Beidou system and the electrical auxiliary propulsion system also achieves a function similar to autonomous driving in a car. Within a certain range, the ship can adjust its position automatically by setting coordinates, which improves efficiency and saves fuels. Kang believes that the pile-driving barge will also help support construction work overseas, especially infrastructure development under the Belt and Road Initiative in foreign countries and regions.

China State Shipbuilding Corp has delivered the first of a new type of bulk carrier to a buyer in Guangzhou, Guangdong province, the world's largest shipbuilder said. The ship, Emerald Putuo, was delivered to its buyer-Zhejiang Xinyihai Shipping-at a commissioning ceremony in Guangzhou's Nansha district on Monday, the State-owned conglomerate said in a statement, adding that it will be rented by a shipping company registered in the United States to transport soybean, corn and other grain products. Designed and built by CSSC Huangpu Wenchong Shipbuilding in Guangzhou, the vessel is nearly 229 meters long, 36 meters wide and has a carrying capacity of 85,600 metric tons. Its cruising speed is 14 knots, or 26 kilometers per hour. The ship features a large cargo space of 106,000 cubic meters. Xiang Huiming, chairman of CSSC Huangpu Wenchong Shipbuilding, said at the commissioning ceremony that the new type of bulk carrier boasts world-class technology and has low fuel consumption, high speed, large carrying capacity and eco-friendly equipment. He said the ship's construction took only nine months thanks to the use of smart welding robots, a digital shipyard and other advanced shipbuilding technologies, adding that seven other such ships have been ordered. According to its designers, the new vessel can be used on most of the world's shipping routes and in most ports and is an ideal option for transporting coal, ore, grain and cement. Cui Yiliang, editor-in-chief of Modern Ships magazine, said that the global shipping industry is in need of new bulk carriers with large cargo capacity, good cost-efficiency and environmentally friendly design. "This new vessel represents China's latest design and construction technologies for cargo ships and will strengthen the Chinese shipbuilding industry's competitiveness in the international freighter market," he said. "It will become one of the nation's major carrier types for long-distance ocean cargo shipping."

The domestically designed and built, world's largest 140-meter-class pile-driving barge Yihang Jinzhuang, equipped with the Beidou Satellite Navigation System, was delivered in Nantong, East China's Jiangsu Province last Friday. The vessel can boost the efficiency of offshore construction projects such as cross-sea bridges, deep-water wharves and offshore wind farms under harsh sea conditions. The floating pile driver with the world's highest pile frame, largest pile-lifting capacity, longest pile-driving length and strongest wind and wave resistance, is equipped with intelligent and digital technologies, including the Beidou system. It was financed, researched and developed by China Communications Construction Co First Harbor Engineering Company and manufactured by Shanghai Zhenhua Heavy Industries Co. It will be used in projects involving large pile foundations, pile group foundations, wind turbine jacket foundations, and wind power single-pile foundations, and it will play a pivotal role in the construction of large ports, cross-sea bridges, offshore wind farms and artificial islands. Chen Xiangmiao, an assistant research fellow at the National Institute for South China Sea Studies, told the Global Times on Sunday that the barge can enhance China's capabilities in offshore operations and serve as a capacity reserve for the development of the South China Sea. "However, there is still a long way to go in the application of it in the South China Sea, where the depth of water can be 1,000 meters," Chen said, noting that pile driving is the first step for construction work in deep sea areas. The Yihang Jinzhuang, at 14,644 gross tons has a pile frame of 142 meters, roughly equal to the height of a 50-story building. With its maximum working pile length of 118 meters plus the depth of water, it can work in much deeper open seas. Gao Xiaodong, leader of the on-site supervision group for the construction of the barge, said that pile driving is the first step in building a structure at sea. In order to ensure stability, the depth of the piles driven into the bottom of the sea has to be twice the depth of the sea water. For example, a pile in sea water that is 40 meters deep has to be driven into the bottom of the sea for 80 meters in terms of depth, so the total length of the pile is at least 120 meters. Zhang Ning, an engineer at the construction company, said when the height of a pile frame exceeds 100 meters, it is very difficult to ensure the strength and stability of the structure. The company managed to make it as strong as possible and as light as possible by optimizing the structure and choosing the appropriate steels. By driving piles of 700 tons in weight and six meters in diameter, the piling ship can reduce the number of piles driven and raise the efficiency of construction. With its wind resistance of fresh gales and wave resistance of 1.8 meters, it can operate in the bad sea conditions. The pile-driving barge is also equipped with China's domestically developed Beidou system, which will be used in navigation during voyages, accurate positioning during operations, and sending messages where there is no 4G signal. According to Kang Yuxing, captain of the ship, the linkage between the Beidou system and the electrical auxiliary propulsion system also achieves a function similar to autonomous driving in a car. Within a certain range, the ship can adjust its position automatically by setting coordinates, which improves efficiency and saves fuels. Kang believes that the pile-driving barge will also help support construction work overseas, especially infrastructure development under the Belt and Road Initiative in foreign countries and regions.

Capital Ship Management Corp. and Heidmar Inc have formed a joint venture combining the commercial strengths of the two organizations in the tanker industry. As informed, all 32 tankers managed by Greek company Capital will be joining pools operated by compatriot tanker poll management company. Image Courtesy: Capital Ship Management Following the formation of the joint venture, Heidmar will operate approximately 60 crude, product and chemical tankers ranging from 10,000 dwt to VLCCs. The ships will be operated from Athens, London and Singapore. Heidmar will operate the following Pools: SEA DRAGON (VLCCs), BLUEFIN (Suezmaxes), SEA LION (Aframax/LR2), DORADO (MR2s), MARLIN (MR1s) and SEA HORSE (10-19,999 dwt). [I am extremely pleased to announce today the joint venture with Capital and the relaunching of the Heidmar brand- Overall, we have worked hard since November 2020 to rejuvenate the Heidmar fleet from 7 to almost 60 tankers today," Pankaj Khanna, CEO of Heidmar Inc commented. [The addition of the talented Capital commercial team to the Heidmar team will create a strong engine to extract the best performance from the assets under management in a challenging and dynamic tanker market. The challenges facing ship owners are myriad and the benefits of consolidation are well established." [Heidmar has been at the forefront of the move to digitalization, having developed the first in-house platform 18-years ago. eFleetwatch was relaunched again last year with many enhancements and is already capturing data for the monitoring of CO2 emissions from our managed ships. Participating in the market via a larger commercial entity also means that we can develop effective solutions to meet the challenge of reducing emissions and complying with the upcoming regulations," Khanna concluded.

As world's largest free trade deal now in force, analysts confident on gains The Regional Comprehensive Economic Partnership, which took effect on Saturday, will spur economic growth in the Asia-Pacific region as it opens up markets and counters protectionism, experts say. Consisting of 15 Asia-Pacific countries, the RCEP forms the world's largest free trade area. It is made up of the 10 members of the Association of Southeast Asian Nations, plus China, Japan, the Republic of Korea, Australia and New Zealand. Covering about 30 percent of the world's population, as well as its gross domestic product and trade volume, the agreement ushers in greater economic integration among Asia-Pacific countries and marks a victory for multilateralism and free trade, observers said. "It will play a role in creating some degree of confidence that trade integration-at least in moderate terms-will continue," said Manu Bhaskaran, chief executive of Centennial Asia Advisors, a think tank in Singapore. "In an age of growing protectionism and inward-looking policies, this is welcome." Francis Chua, founding chairman of the International Chamber of Commerce in the Philippines, said the RCEP is expected to consolidate the position of ASEAN members within a larger grouping built on "a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement". The regional bloc comprises Indonesia, Thailand, Singapore, Philippines, Malaysia, Vietnam, Brunei, Cambodia, Myanmar and Laos; some of the ASEAN members are yet to ratify the pact. In an online report, the ASEAN Secretariat said the entry into force of the RCEP "is a manifestation of the region's resolve to keep markets open; strengthen regional economic integration; support an open, free, fair, inclusive, and rules-based multilateral trading system; and, ultimately, contribute to global post-pandemic recovery efforts". "The ASEAN Secretariat remains committed to support the RCEP process in ensuring its effective and efficient implementation," the report says. Chua said the pact will ensure the opening of markets and strengthen supply chains and, this way, support an economic rebound. Apart from requiring the trade partners to cut tariffs, he said, the RCEP will enhance the harmonization of non-tariff measures such as product standards for food safety, packaging and labeling requirements. Sanjay Mathur, chief economist for Southeast Asia and India at ANZ Bank, cited China's huge economy and how it will serve as the "pivotal market" for all RCEP members. The pact's members "will now have (increased) access to the second-largest economy in the world, so that is a huge step forward", he said. Bhaskaran said that China, as a leading nation in Asia, can nudge the RCEP members to adopt "broader and deeper integration "in the region. At the same time, some analysts have pointed out that the RCEP's promise of unfettered trade and its many benefits will take time as the tariff reductions will take place gradually over the next 20 years. Job opportunities Asian Development Bank economists have estimated that by 2030, the trade agreement will increase the income of the participating economies by 0.6 percent and create 2.8 million jobs. They also see a rise in intra-RCEP investment. This is because the pact prohibits performance requirements-like a specific percentage of domestic content or technology transfer-being placed on investors as conditions for market access. The RCEP is now being implemented in Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand and Vietnam. It will take effect in the ROK on Feb 1. Indonesia's parliament commission that supervises trade has given the pact the green light but full ratification by the legislature is needed. Josua Pardede, an industry and regional analyst at the Jakarta-based Permata Bank, said the RCEP will accelerate the entry of smaller Indonesian enterprises into the global value chain, but these businesses also face competition from imports as they largely depend on domestic markets. Pardede said that in principle, any trade agreements-particularly large ones like the RCEP-have the potential to increase trade value and attract investments into member countries because of a decrease in trade barriers. Danilo Fausto, president of the Philippine Chamber of Agriculture and Food, has some concerns for the agricultural sector in his country, which has yet to ratify the pact. While he believes the trade pact will open up markets for Philippine products, the Philippines also has to allow in more imports-a risky proposition for the nation's farm sector. He points out that unlike their counterparts in some other countries, Filipino farmers do not enjoy big government subsidies, huge tracts of land or extensive access to credit. This has long been a problem for those engaged in farming, as the sector has not been among the priorities for the government, Fausto said.

The annual order volume of South Korean shipping companies had ranked first in the world since 2018, but was overtaken by China in 2021. Although South Korea has extended significant effort to remain No.1, its shipping companies finally had to accept the fact that they were surpassed by their Chinese counterparts. China's shipbuilding ability has kept on improving with domestically developed technologies and patents, analysts said. More orders will be placed through Chinese shipwrights in the future. According to data released on Sunday by Clarkson, a British shipbuilding and shipping industry analyst, the global order volume of new ships in 2021 was 45.73 million compensated gross tons (CGTs), of which South Korea received 17.35 million CGTs, accounting for 38 percent, second only to China's 22.8 million CGTs. By the end of November 2021, China's in hand ship orders reached 96.39 million deadweight tons (DWTs), up 35.9 percent year-on-year, according to statistics from the China Association of the National Shipbuilding Industry. Analysts attributed the position shift to huge demand for container ships, the orders of which were mostly won by China last year. South Korean media reported that South Korea has focused on high value-added orders such as liquefied natural gas (LNG) carriers. In September, the average cost of each ship was $170 million for South Korean firms and $60 million for Chinese firms. While the volume of new orders is smaller than that of China, the "gold content" of orders received in South Korea is higher, media reported. South Korea currently accounts for 91 percent of global orders for LNG carriers, compared with 9 percent for China. China is good at shipbuilding, including building general cargo carriers. The tonnage of normal cargo ships is larger than that of South Korea, Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Monday. "The reason for China's low order numbers of LNG carriers is due to the low demand in the past. The quantity will come up as demand increases," said Lin. Fast-growing industry According to Lin, LNG carriers are professional ships and cannot be used for LNG transportation. South Korea's LNG carrier manufacturing technology is strong due to historical development and large demand. But analysts and industry insiders said that China now has the ability to domestically build LNG carriers. For instance, Hudong-Zhonghua Shipbuilding and China Shipbuilding Trading will build three large-scale 174,000-cubic-meter LNG carriers for COSCO Shipping Energy Transportation Co. The deal was signed on December 7, 2021, with a total value of $554 million. The construction of LNG carriers is a complex process, and relies on advanced equipment. It is of high cost and imposes high technical requirements. Carriers need to transport liquefied gas in the ultra-low temperature environment of -163 C. Only a few countries in the world with construction capacity across its shipyards can do this work, an industry insider surnamed Xu told the Global Times. Subsidiaries of China Shipbuilding Industry Company - Jiangnan Shipyard (Group) Co and China Shipbuilding Trading Co - officially delivered Pacific Ineos Belstaff, a 99,000-cubic-meter very large ethane carrier (VLEC), on December 28, 2021. It is the first VLEC with the largest cabin capacity and B-type cabin in the world. The B-type tank can carry a variety of liquefied gas cargoes including liquefied petroleum gas, ethylene and ethane. The difficulty of B-type tank construction is significantly greater than that of the LNG carriers, said Xu. Jiangnan Shipyard's newly developed 93,000-cubic very large LPG carrier (VLGC) has already received 11 orders, and its overall performance is ahead of that of Hyundai's comparable vessels, the company said. Green shipbuilding As dual-fuel or clean-fuel ships account for 30 percent of new shipbuilding orders in the world, the era of green ships has dawned, analysts said. China should enhance its construction of ships using green energy, and at the same time study the emission reduction technologies in the manufacturing process, gradually build a green supply chain and actively promote the transmission of green value and the premium of green manufacturing products, Xu said. South Korea announced in December 2020 its "2030 Green Ship-K Promotion Strategy" to boost the green development in shipbuilding. The green ship initiative is forecast to generate approximately 5 trillion won ($4.2 billion) in sales in the shipbuilding by 2030, according to the Ministry of Oceans and Fisheries of South Korea. Meanwhile, insiders said stable price of raw materials remains a priority. South Korean shipping companies have kept the purchase price of marine steel at 4,000-4,500 yuan ($629-707) per ton from 2018. In comparison, the price of China's marine steel has soared since 2020. By the end of March 2021, the price of 6-millimeter ship plate was close to 6000 yuan per ton, up 25 percent compared with the beginning of 2020, hitting the highest record in 10 years, according to the China Association of the National Shipbuilding Industry.