News
China's Ministry of Transport （MOT） announced Tuesday that it has moderately eased market access restrictions for wholly foreign-funded shipping lines under the Circular on Strengthening the Administration of Approval for Wholly Foreign-owned Shipping Companies released by the MOT on August 15.
The relaxation will allow foreign shipping companies to:
- directly create a 100% foreign-funded shipping company in China without first establishing a representative office;
- establish a 100% foreign-funded shipping company in an open city on the coastal area where the company has stable goods supply or passengers;
- establish a branch in any other open city on the coastal area where it has stable goods supply or passengers one year after the 100% foreign-funded shipping company has fully paid up its registered capital and started its business operation
- to provide such services as soliciting cargoes or passengers, issuing bills of lading, issuing passenger tickets, settling transport fees and signing service contracts for vessels owned or operated by the parent company.
