The Tianjin International Shipping Industry Expo 2024 is in full swing, bringing together representatives from around 400 shipping companies, ports, and industry associations worldwide. The focus is on developing more robust and sustainable growth models for the maritime sector.
Maritime shipping remains a cornerstone of the global economy, with 85 percent of all trade being seaborne. Steve Gordon, global head of Clarkson Research Services Ltd., emphasized China's pivotal role, stating, \"In many areas of the maritime economy, China is incredibly important and has secured market-leading positions globally.\"
China continues to lead as the world's largest trader of goods. Wang Shouwen, vice minister of commerce, reported that China's foreign trade in goods reached 17.5 trillion yuan ($2.4 trillion) in the first five months of the year, marking a 6.3 percent increase year-on-year.
Zhen Hong from the Shanghai International Shipping Institute highlighted the necessity of transitioning from traditional port throughput models to port-based economies. \"Ports need to transform into models that drive high-quality economic development,\" Zhen explained, underscoring the importance of efficiency, resilience, and service convenience.
Despite facing unprecedented challenges such as the COVID-19 pandemic and disruptions in key waterways like the Red Sea and the Panama Canal, the global shipping industry has demonstrated remarkable resilience. Joseph Edward Kramek, president and CEO designate of the World Shipping Council, noted that these challenges have prompted the development of more flexible and robust solutions.
Looking ahead, the industry is poised to tackle climate change by leading the shift towards zero-emission fuels. Kramek highlighted this as both a crucial battle and a significant opportunity for innovation in green technology, which can open new markets and drive sustainable growth.
Reference(s):
cgtn.com
