United Yield International of the US has acquired a 51 per cent stake in Xugou port in the Jiangsu city of Lianyungang, reported Xinhua. The deal followed the ending of a regulation that limited foreign ownership of ports to under 50 per cent, said the Ministry of Communications.
According to official data, 90 per cent of China's foreign trade and half of its domestic transport goes through ports. The number of containers handled by Chinese ports has been growing at an average annual rate of 30 per cent over the past decade.
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