China will assist its shipping companies to "escape recession" according to a report attributed to the Xinhua news agency
quoted He Jianzhong, China's vice minister of transportation, as saying the government would assist companies in several ways, including offering subsidies to encourage retirement of old ships to reduce supply and improve safety.
The government will also encourage carriers to sign long-term contracts and "strengthen interference into the market to prevent malicious competition and control of capacity."
It also said it will encourage carriers "to go green and reduce fuel consumption to cut cost" and "clean up administrative charges."
Meanwhile, the state newspaper People's Daily
has a story from Xinhua on a new government report, made public on Monday, that predicts China's maritime industry will quadruple in size by 2030
The newspaper said a report from the China Institute for Marine Affairs predicts the country's maritime industry, which reported a total production value of more than 5 trillion yuan ($814 billion), or 9.6 percent of China's gross domestic product (GDP) in 2012, will reach 20 trillion yuan and 15 percent of GDP in 2030.
also reported that Greek shipowners in April signed contracts to buy 142 new ships from Chinese shipbuilding companies
. The orders accounted for more than 60 percent of the recent global orders of Greek shipowners, said the Greek shipping Minister Kostis Moussouroulis, who is visiting the country.