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Bimco: China growth ambition good news for shipping

China wants to raise its GDP by 7.5 percent in 2014, and a strong China is fundamental to the industry's return to sustainable markets, says Bimco chief analyst Peter Sand.

In 2014 China plans to increase its GDP by 7.5 percent, said the country's prime minister Li Keqiang at the annual meeting with the Parliament recently, and even though the number is slightly lower than 2013's 7.7 percent goal, the announcement still comes as good news to shipping, says Peter Sand, chief analyst at Bimco.

China imported 2.1 billion tons of commodities by sea in 2013, which means that the country has more than doubled its import in five years, from one billions tons in 2008. The 2013 import was especially dominated by dry commodities, for 74 percent, while iron ore accounted for 39 percent.

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