Shanghai port to open early

Shanghai is planning to complete construction of its deep-water port and open it to foreign terminal operators ahead of schedule, according to a Financial Times report. The first terminal at the Yangshan port is scheduled to open in 2006 and the second terminal in 2007. Port officials said that consideration of foreign operator bids will begin this year. Container traffic at Shanghai's current port doubled between 2000 and 2003 making it the world's third busiest port after Singapore and Hong Kong. In 2003, Shanghai handled 11.3 million twenty-foot equivalent units. Shanghai will become the busiest port in three to five years if current growth rates continue.