Sinotrans Central China Co, which is based in Shinan district, Qingdao saw a more than 30 percent increase in major business revenue during the first quarter of this year.

According to the company's general manager Wang Lijun, the company is operating several business chains involving container vessels, container storage stations, bulk commodities, comprehensive logistics, and shipping logistics. 

"We have been continuously expanding domestic and foreign trade markets, which has received great support from the local government," Wang said.

In the first quarter of this year, the Shinan district's development and reform bureau awarded one of the company's subsidiaries with 100,000 yuan ($14,930) for its contribution to the local economy, according to Wang.

They have also received lots of help from relevant departments during the regular epidemic prevention and control work, Wang added.

Shinan currently has more than 3,000 shipping companies in the district, accounting for more than 70 percent of the city's total. Of that, 190 shipping and logistics companies generate an annual revenue of 20 million yuan or more.

During the first quarter of this year, the district's transportation industry, which is led by shipping logistics, reported a 73.4 percent year-on-year growth in operating revenue.

Shinan will continue to expand its supply and demand chains in the shipping industry, and make more efforts to develop modern logistics, shipping insurance, ship trade, information services and shipping finance to further enhance its capability of shipping resource allocation, senior official Wang Qilu said.

The Qingdao Shinan District International Shipping Trade Finance Innovation Center [Photo/Haibao News]