COSCO HONG KONG EXPECTS GAINS FROM CHINA’S ENTRY IN WTO
COSCO (Hong Kong) Group Ltd., the largest overseas subsidiary of the China
Ocean Shipping Co. group, said that it expects to benefit from the expected entry of China
in the World Trade Organization.
"The growth in trading activities between mainland China and the world
is expected to benefit the shipping business," a spokesmand for the company said.
Total Chinese exports and imports are expected to increase to $600 billion by
2005, from $324 billion in 1998.
In readiness for the hoped-for entry of China in the WTO, COSCO is expanding
its transport capacity and port business, the Hong Kong arm of the group said.
The COSCO group has ordered 40 new vessels of various types and Hong
Kong-based COSCO Pacific Ltd., a listed subsidiary of COSCO (Hong Kong) Group, is
negotiating an expansion of its port business in mainland China.
Commenting on the expected opening up of the Chinese market to overseas competition
after the WTO accession, COSCO (Hong Kong) Group said that it is confident that COSCO can
"adjust to adapt to the new business situation after the WTO entry."