Phase one of megaport inaugurated

The US$1.24 billion first phase of the Yangshan deepwater port was inaugurated Saturday, as ships brought in the first of an estimated 18 million twenty-foot equivalent units that will be handled this year. Shanghai is already the world's third-busiest container port, having seen business volume grow 25% a year over five years. It is widely expected to move ahead of Hong Kong and Singapore into first place, thanks to China's strong exports, lower fees and port expansions port expansions.