Shipping Industry: CY Leung Advocates for Service Development in Hong Kong

Shipping Industry Focus: CY Leung's Vision

In a recent address, CY Leung, former chief executive of Hong Kong and current vice-chairman of China's top political advisory body, spoke passionately about the shipping sector. He dismissed rising concerns regarding Hong Kong's container port rankings, highlighting instead the need for developing essential logistics, financing, and legal services to strengthen the city as an international shipping hub.

Concerns Over Port Rankings

Hong Kong's Kwai Tsing Container Terminals have slipped in rankings, no longer listing among the top 10 ports globally. Leung underscored that this decline should not overly concern stakeholders, as true shipping enhancement involves a focus on service quality rather than mere terminal throughput.

Learning from Global Examples

• Leung pointed to London as a model for shipping services excellence, highlighting its robust financial frameworks such as marine insurance and vessel financing.
• With Britain's significant global market shares, including 35% of marine insurance premiums, Leung advocates for a similar approach in Hong Kong.

Building a Maritime Services Cluster

1. Leung urges the establishment of a comprehensive shipping services cluster.
2. Focus areas identified include: logistics, shipping finance, maritime law, and professional services.
3. The goal is to bolster Hong Kong’s economic resilience and create better employment opportunities for youth in this sector.

Leung’s remarks call for a proactive engagement from Hong Kong’s business community towards mainland China to explore cooperation opportunities, essential for thriving as a major shipping power. He insists that more frequent visits by local institutions could lead to substantial business developments.