China's ports required to rectify problems after antitrust probe

China’s large ports are required to rectify problems, such as overcharged loading and unloading services, restrictions of competition in the market of tug, tallying, and shipping agency services, identified by the country’s state planner in its antitrust probe, on Wednesday.

Maritime ports, including Shanghai Port, Tianjin Port, Ningbo-Zhoushan Port and Port of Qingdao, will lower their charges for loading and unloading services by 10-20 percent starting 2018, said Meng Wei, a spokesperson of the China Securities Regulatory Commission (CSRC), at a press briefing.

This cost cut is expected to save 3.5 billion yuan (527 million US dollars) each year for shipping companies.

It marks the latest move by the regulators to reduce port charges and support the loss-making shipping firms, following a series of other favorable measures.

The Ministry of Transport (MOT) revised rules on port charges in August, cutting payable items and giving the market a bigger say.

The NDRC said that, based on the rectification requirement, the coastal ports will immediately open up the tug, tally and shipping agency market in an all-round manner, fully respect the independent choice of shipping companies and their shipping agents, guarantee fair competition among various market players in the port, and abolish unfair trading conditions and restore fair competition in the market order.

(CGTN)