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China has shipping stimulus in the pipeline

Later this year, the Chinese government is expected to introduce a financial stimulus package for the shipping industry, including shipping tax cuts or exemption and subsidies for old vessel recycling.

China’s government has a financial stimulus package for the shipping industry in the pipeline, writes the news media SinoShip News.

At a recent meeting, the so-called China Shipping Financing and Leasing Summit, organized by the Shanghai Shipping Exchange (SSE), informed SSE’s vice president Wang Jianmin that the government during the second half of 2013 will introduce favorable policies to support the hard-hit shipping industry. The stimulus package will include shipping tax cuts or exemption and subsidies for old vessel recycling.

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