State logistics firm helps in world virus fight

Efforts should be made to reestablish the foundations of industries, upgrade industrial chains and bolster scientific and technological innovation, read a statement issued after the meeting.

On the premise of implementing regular epidemic prevention and control measures, China should promote coordinated business resumption focusing on major industrial chains, leading enterprises and key investment projects, according to the meeting.

As the pandemic has forced many airlines to cut service to several regions of the world, China COSCO Shipping's container ships have begun to carry international mail and other parcels for China Post Group Corp from Shanghai to Japan, New Zealand and the Middle East.

Encouraged by this new partnership formed late last month, Xu from China COSCO Shipping said that these new shipping channels will greatly ease pressure on international postal services caused by the contagion and facilitate the smooth flow of international mail and medical supplies.

To maintain solid economic fundamentals, the government emphasized the importance of focusing on the "six priorities" of safeguarding employment, people's livelihoods, the development of market entities, food and energy security, the stable operation of industrial and supply chains and the smooth functioning of society.

While the global shipbuilding industry still faces headwinds amid waning demand, Xu reiterated that the group will continue to focus on developing maritime transportation, logistics, finance, equipment manufacturing, shipping services and social services industrial clusters to further facilitate the integration of its shipping business and build the company into a competitive global logistics services provider.

"These businesses will effectively transform the group's shipping activities into a more diversified operation. They can take full advantage of the opportunities that have already arisen from the Belt and Road Initiative and the growth of the Yangtze River Economic Belt, and will encourage domestic companies to expand overseas with better support services," said Zhang Qi, a shipping industry professor at Shanghai Maritime University.

For the next step, Zhang said China's huge consumer base, reform and opening-up policy measures will further attract global companies to invest in its markets and create new demand for products and commodities, and it certainly will generate new momentum for shipping companies in both China and elsewhere.

Supported by more than 140,000 employees, China COSCO Shipping owned 1,310 vessels, including 424 bulk vessels and 204 oil tankers with a capacity of 105.92 million dead weight tons by the end of March, ranking tops worldwide.

It has also invested in 59 terminals across the world, including 51 container terminals, to enrich its global business lines. The annual throughput of its container terminals is about 125.85 million twenty-foot equivalent units.