- Bank of China (BOC) and PICC Group launched a comprehensive action plan on June 19 to strengthen Shanghai’s role as an international shipping center.
- The plan introduces 10 measures focusing on shipping security, service facilitation, and green transformation, aligning with national goals to expand China’s influence in global shipping finance and insurance.
- BOC and PICC aim to support the shipping industry’s digital and sustainable development while enhancing financial services across the maritime supply chain.
Bank of China and the insurer PICC Group jointly announced a new action plan on June 19 aimed at accelerating Shanghai’s transformation into a world-class international shipping hub. Unveiled at the Lujiazui Forum in Shanghai, the initiative outlines 10 targeted measures focusing on shipping security, service facilitation, and the green transition of the maritime sector.
Elevating China’s Role in Global Shipping Finance
The plan is designed to support expansion and integration along the entire shipping industrial chain, boosting China’s presence and competitiveness in global shipping finance and marine insurance. The partnership between BOC and PICC will help meet the diverse financing needs of shipping companies and promote the development of innovative financial solutions.
BOC to Strengthen Maritime Financial Innovation
Speaking at the forum, BOC President Zhang Hui emphasized the bank’s commitment to enhancing collaboration with PICC. He noted that BOC will expand its portfolio of shipping-related financial products and deepen efforts in trade digitalization to better serve companies across the shipping value chain.
PICC Champions Smart and Low-Carbon Development
PICC President Zhao Peng highlighted that the action plan supports Shanghai’s goal of becoming a top-tier global shipping hub characterized by intelligent, eco-friendly, and low-carbon practices. The partnership underscores the importance of financial and insurance innovation in fostering sustainable growth in the maritime sector.
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Source: International Services Shanghai
