Shanghai, Hong Kong ports lag global peers on maritime services, CY Leung says
‘Drawbacks are obvious’, and both cities must upgrade to ‘wield more influence’ in global shipping, says Hong Kong’s former chief executive
“Shanghai’s position as the world’s busiest container port is based on just handling volume,” he told the Shanghai-Hong Kong Cooperation and Development Forum in Shanghai on Monday. “But Shanghai and Hong Kong are not able to offer some highly lucrative shipping-related services to international companies, even though they try.”
Container throughput, supported by high commodity trading volume, is not the sole gauge of an international shipping centre, he said, adding that marine insurance, maritime arbitration and shipbroking are also important elements that characterise successful major seaports.
Ports in Shanghai handled 49.16 million 20-foot equivalent unit (TEU) containers in 2023, up 3.9 per cent from a year earlier, which helped the commercial and financial hub of mainland China retain the volume crown worldwide, which it has held since 2010 when it overtook now second-placed Singapore.
“The drawbacks are obvious,” said Leung, now a vice-chairman of China’s top political advisory body. “There are some untapped areas for both Hong Kong and Shanghai as the two cities strive to wield more influence in the global shipping industry.”
