Approval for Sino-Japanese joint ventures
JAPAN'S Ministry of Transport has approved the applications of two Chinese-affiliated companies that are seeking to engage in freight forwarding and transport agency business in Japan.
The first two to obtain this approval are Nisinotrans Co and Sino-Japan International Transportation.
Nisinotrans, with a capitalisation of 20 million yen (about HK$1.48 million), is a Japanese-Chinese joint venture with each company having a 50 per cent stake.
Sino-Japan International is capitalised at 62 million yen, with the Chinese partners contributing 49 per cent and Japanese counterparts 51 per cent.
The former is approved to engage in Type I freight forwarding and transport agency business, while the latter is authorised to do forwarding business only.
In China, about 10 Japanese-affiliated forwarders are now doing business.
However, in light of China's foreign capital regulations, Japan and China have held continued negotiations aimed at promoting mutual inroads into each other's forwarding sector.
The ministry says it will continue to request that the Chinese Government withdraw and/or mitigate its foreign capital regulations in the days to come.
In a related development, China Ocean Shipping (Group) Co has changed its Pacific Southwest (PSW) service schedule for the North American trade.
In this trade, the carrier is now providing PSW Express service with five ships in a rotation of Nagoya, Yokohama, Long Beach, Oakland, Yokohama, Pusan and Hong Kong.
In the new schedule, the carrier will discontinue its Pusan service and start Kobe calls in a rotation of Nagoya, Yokohama, Long Beach, Oakland, Yokohama, Kobe and Hong Kong.