Beijing's neighbors Tianjin Municipality and Hebei Province on Monday established a port corporation to integrate sea transport resources and optimize distribution of related industries, a move to boost coordinated development of the Beijing-Tianjin-Hebei region.
The Bohai Sea Tianjin-Hebei Port Investment and Development Co., Ltd, with a registered capital of 2 billion yuan (325.4 million U.S. dollars), will be engaged in investment and development of ports in Tianjin and Hebei on the Bohai Sea, said Li Zengjun, chairman of the company.
Tianjin Port Group--the world's fourth largest port in volume following Ningbo-Zhoushan, Shanghai and Singapore--and Hebei Port Group hold 50 percent of the corporation's shares each, said Li, also president assistant of the Tianjin Port Group.
Total cargo transport volume in Bohai sea ports totalled 3 billion tonnes last year. Of the world's top 15 ports in cargo transport volume, eight are located in the area. Some ports have made redundant expansions and lowered standards, leading to vicious competition.
"The new corporation has ended the lose-lose competition between the two port groups, and will seek coordinated development for the Bohai Sea area," Li said.
In February, President Xi Jinping called on Beijing, Tianjin and Hebei to coordinate their development in tackling smog, transportation and other development issues together.