The Xiamen free trade zone administration aims to boost the growth of the fledgling ship leasing industry in Xiamen city, the economic power house in Fujian province.
Eight ships for financial leasing have been registered with the city's maritime safety bureau since 2015. They mainly operate in major Chinese commercial ports such as Shanghai and Tianjin. The market for ship leasing is growing every year.
A business matching event attracted nearly 100 financial leasing businesses, ship owners, ship manufacturers, banks and insurers to participate at a venue inside the Xiamen free trade zone on July 17.
The FTZ authority is now drafting favorable measures, including financial aids, targeted for the industry, drawing on its administrative experience in financial leasing of airplanes.
Xiamen has made 25 aircraft available for financial leasing, according to Ma Zili, senior official of the Party working committee at the Xiamen FTZ.
According to Zhong Wuqin, general manager of Shanghai Chuanbo Asset Management Co, financial leasing is an important financing tool for ship owners and shipping companies in the private sector, which suffered from the aftermath of the 2008 economic crisis and posted unsatisfactory business performances.
China announced and implemented on May 15 a policy allowing visa-free entry of foreign tourist groups aboard cruise ships via all cruise ship ports along the country's coastline.
China and Georgia are set to waive visa requirements for travelers starting May 28.
