The China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area Administration – in East China's Shanghai city- and China COSCO Shipping Co Ltd signed a strategic cooperation agreement on Feb 20, to promote the development of a global shipping hub.

Under the terms of the accord, the partners will push ahead with the opening of high-level institutions. They will carry out stress tests set to leading international standards and assist the surrounding Yangtze River Delta region with the construction of a global shipping hub, achieving breakthroughs in key areas including the free import and export of goods, the free flow of funds and fast and efficient communications.

COSCO Shipping is to establish a globally shared service platform company and a ship leasing company in the Lin-gang Special Area.

Furthermore, it will research and build a smart logistic supply chain management center, promote the development of high-end shipping industry chains - such as international transshipment pools, smart logistics distribution modes, smart supply chain management and smart ship management systems – leading to the creation of the new-level global shipping hub.

The China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area Administration and China COSCO Shipping Co Ltd ink a strategic cooperation accord on Feb 20. [Photo/WeChat account: shlgguanweihui]