China to strengthen financial support for maritime economy

BEIJING - China will strengthen financial support for its maritime economy with measures to increase bank loans and diversify financing channels, an official statement said Thursday.

Banks will be encouraged to favor maritime economic development and make collateral loans, according to a document released by the People's Bank of China and other government agencies.

There will be targeted policies on maritime infrastructure, industrial companies, fishermen and other market entities.

Businesses will be supported in raising funds through equity and bond issues, and to set up financial leasing companies. More will be done to bolster shipping finance, such as public-private-partnership.

The gross output of China's maritime industry grew by 7.5 percent annually on average in the past five years, accounting for nearly 10 percent of the country's GDP. The sector generated 7.8 trillion yuan ($1.22 trillion) last year.

China expects the maritime industry to be worth 10 trillion yuan by 2020 and account for around 15 percent of GDP by 2035.