On Thursday, the Bank of China (BOC) and the People’s Insurance Company of China (PICC) Group unveiled a collaborative action plan to bolster Shanghai's quest to become a premier international shipping center.

This strategic plan encompasses ten thorough measures that target three key areas: shipping security, the enhancement of shipping services, and the transition to greener practices. The initiative aims to facilitate the expansion and integration across the shipping industrial chain, ultimately striving to elevate China’s stature within the international shipping finance and insurance arenas.

At a media conference, BOC’s President Zhang Hui emphasized the bank's commitment to collaborating closely with PICC in addressing the financial needs articulated by shipping enterprises along the industrial continuum. He highlighted that by diversifying the offerings of shipping financial products, BOC aims to foster more innovative initiatives in the realm of trade digitalization.

PICC’s President Zhao Peng noted that the action plan is designed to position Shanghai as a world-class shipping hub, linking it seamlessly with global markets while promoting smart, green, and sustainable development.

The announcement of this new action plan coincided with the two-day Lujiazui Forum taking place in Shanghai, a platform that gathers key influencers and stakeholders in the financial and shipping sectors.