Shanghai Port falls short of lofty goals despite huge cargo volume
Shanghai has become the world’s busiest port in terms of volume, but has a way to go before it can claim the title of international shipping hub
Two decades ago, Shanghai’s ambitious goal was to transform itself into an international metropolis with world-class financial and shipping centres on a par with Hong Kong.
Mainland China’s most developed city, capitalising on the thriving trade between the country and foreign economies, envisioned creating a busy port and a gateway for global business as it shelled out billions of dollars to build berths, deepen rivers and increase handling capacity.
To date, the efforts appear to have paid off.
The Port of Shanghai has become the world’s busiest container port in terms of volume, handling 37.1 million 20-foot-equivalent units (teus) in 2016, up a scant 1.6 per cent from a year earlier. But it was enough to ensure Shanghai retained the title of the world’s No 1 container port for the seventh consecutive year.
Piggybacking on the Yangtze River Delta, the mainland’s most affluent region and home to thousands of export-oriented companies, Shanghai Port has seen buoyant cargo growth as Chinese-made clothes, leather bags and electrical appliances were snapped up by foreign buyers over the past two decades.
In comparison, Hong Kong Port’s container throughput last year hit 19.6 million teus, 47 per cent less than its Shanghai counterpart.