China Ocean Shipping Company (Cosco) chairman Wei Jiafu said he has high expectations for the global shipping industry this year based on the economic performance of China and the US, reports China Daily.
Speaking at the Trans-Pacific Maritime conference in California on Monday (March 5), Wei said, together, China and the US can push the global economy onto a restoring and growing path, since China has set GDP growth for the year at 7.5 per cent, and the US at 3 per cent.
China has become the fastest-growing market for US export, and the US has become China's largest trade partner, Wei said. In 2012, China-US bilateral trade volume is expected to exceed US$500bn.
Cosco, the world's second largest shipping company in terms of total capacity, operates 19 liner services calling at US ports – 14 of which are on the US West Coast.
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