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Shanghai’s ports are on track to surpass 50 million containers in 2024, setting a new record in global shipping.
To support this growth, the city is boosting investments in infrastructure and technology and is easing restrictions on its finance sector to appeal to international shipping companies.
This expansion is happening despite a decline in China’s exports, which have dropped for four consecutive months, and amid a shipping industry landscape filled with uncertainties due to rising geopolitical tensions and recession concerns in some parts of the world economy.
At the North Bund Forum, a conference for the shipping industry, Mayor Gong Zheng announced that Shanghai would process more than 50 million 20-foot equivalent units (TEU) this year, ensuring it remains the world’s leading container port.
“Shanghai will be the first city globally to surpass the 50-million TEU mark,” Gong stated, noting that the government will continue to allocate resources toward making Shanghai an international shipping hub.
Last year, Shanghai managed 49.16 million TEUs, a 3.9 percent increase over 2022, maintaining its status as the largest container port globally since it overtook Singapore in 2010. From January to September 2024, the city handled 39.1 million TEUs, marking an 8 percent rise from the same period last year.
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