Shipping conglomerate China Cosco Holdings (601919.SH, 1919.HKG) said it expects the shipping industry to see a turnaround as China’s economy revs up, Bloomberg reported. “We’re only beginning to see signs of recovery,” Wei Jiafu, chairman and CEO of Cosco, China’s largest listed company, said during an interview at a forum yesterday. “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 announces measures to protect the domestic shipping market. The State Council said it will introduce regulations that prevent domestic firms from chartering foreign-constructed vessels on domestic waters and stop foreign shipping service firms from working in China, South China Morning Post reported, citing an announcement released on an official government website.
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