Thirty nine finance and marine economy projects valued 43 billion yuan were signed at a partnering meeting on Ningbo's merging into the Shanghai International Finance Center and the Shanghai International Shipping Center. At the meeting Shanghai and Ningbo agreed to establish a 10 billion yuan fund special for marine economy and the two ports would jointly set up China's first shipping insurance agency.
The projects signed at the partnering meeting range banking, port transportation, energy development, modern logistics and infrastructure, worth about 30 billion yuan. The projects are mostly large-scale, high-ranking and involving a wide range of fields, such as finance, port transport, port-based industries and modern logistics. Many are brand new projects filling in gap in development of finance and marine economy. The 10 bazillion yuan fund will be operated under the guidance of the government and according to market conditions. It will try to engage more private capital in the development of maritime economy. The first earmarking for the fund will be three billion yuan, mainly for development of port services, port-based manufacturing and industrial clusters, seafaring, etc. The to-be-set-up shipping insurance agency shall not only promote the port trade, but improve the specialization and international competitiveness of Chinese insurance industry.
Other projects signed included the joint venture between the Ningbo Port Group and the China Shipping Group, which will manage the Meishan Container Terminal (berths No.1 and No. 2), worth 2.6 billion yuan, the Damu Bay HOPSDB, an investment project by the Xiangshan Damu Bay Development Commission and the Shanghai Shimao Property Development Co. Ltd., the Hangzhou Bay New Area Startup Fund (1.2 billion yuan) by Hangzhou Bay New Area Administrative Committee and the SBCVC, the International Yacht Base (2.5 billion yuan) by HK Sansheng and Fenghua Sunshine Bay Development Co., Ltd., the First Sino Bank Ningbo Branch project by NETDZ and the First Sino Bank, as well as the China Sports Commodities Town by Ninghai Government and the Shanghai International Packing and Printing Co., Ltd.
