Cosco CEO says China's economy strong enough to lift shipping sector

CHINA Cosco Holdings chief said that he expects the shipping industry to see a turnaround as China's economy gains steam, reports Bloomberg.

"We're only beginning to see signs of recovery," said Cosco chairman and CEO Wei Jiafu during an interview at a shipping forum. "Premier Wen said the Chinese economy has seen a turning point in the third quarter, and it is bullish news for the shipping industry."

China Cosco's comments come as the government announced measures to protect the domestic shipping market. The State Council said it will introduce regulations that prevent domestic firms from chartering foreign-built ships on domestic waters and stop foreign shipping service firms from working in China, reports the South China Morning Post.