Illustration: Xia Qing/GT

In its efforts to build into a strong maritime country, China is solidifying its leading position in global shipping and trade capacity. Initiatives such as the Belt and Road Initiative (BRI), along with the promotion of green shipping, are strengthening China's maritime capabilities and making positive contributions to global trade and development. These efforts enhance the efficiency of global supply chains, reduce logistics costs and offer substantial benefits to developing countries.

After overtaking Greece in last August to become the world's largest maritime fleet owner in terms of gross tonnage (GT), China is solidifying its position as the world's largest shipowning nation, pulling nearly 30 million GT ahead of Greece, the latest data from global shipping information provider Clarksons Research showed, industrial information site Maritimebell reported on Monday. 

Currently, China's commercial fleet has reached 282.9 million GT, while Greece holds second place with 254 million GT. Chinese shipowners have a significantly larger orderbook, totaling 46.7 million GT, compared to Greece's 35.4 million GT, according to Maritimebell.

This trend significantly enhances China's competitiveness in international trade. A strong commercial fleet is improving China's cargo transportation capacity and reducing logistics costs. Meanwhile, the growing strength of this fleet also fosters economic connections and trade cooperation between China and other nations.

The enhancement of China's shipping capacity and its efforts to facilitate global trade is making a significant contribution to global trade, particularly amid the uncertainties facing globalization and marine transportation. 

With foreign trade shipping volume accounting for around one third of the world's total shipping volume, the considerable improvement in China's cargo transportation capabilities has stabilized global trade and provided crucial support for the trade development of developing countries and emerging economies, contributing to world development.  In this sense, China distinguishes itself from Western nations, underscoring its crucial role in the global trade system.

For developing countries and emerging economies, China's advancements in marine transportation capacity offer numerous advantages. While enhanced transportation networks reduce shipping costs, facilitating greater participation in the global market for these nations, China's improved logistics systems have expedited the movement of goods, resulting in shorter delivery times and allowing products from developing countries to access international markets more swiftly. As transportation capacity improves, the industrial chains in developing countries can also expand and upgrade, promoting diversified economic development.

Initiatives like the BRI have fostered closer trade ties between China and numerous countries, promoting regional economic interconnectivity and integration. China's expertise and technological advancements in logistics and transportation can serve as valuable references for other developing nations, helping them enhance their own transportation capabilities.

The Chancay Port, which was inaugurated on November 14 in Peru, is not only an important project under Belt and Road cooperation, but also the first smart and green port in South America. The first phase of the project, when completed, will reduce the sea shipping time from Peru to China to 23 days, thus cutting logistics costs by at least 20 percent, Xinhua reported.

China will continue to deepen maritime cooperation with countries participating in the BRI cooperation, advocating for new solutions for international port and shipping connectivity. Efforts will be made to improve cooperation and communication mechanisms in areas such as customs clearance integration and logistics and warehousing integration.

China's efforts to strengthen its marine capacity and related initiatives aimed at boosting global trade cooperation will remain vital to enhancing the trade capabilities of developing countries. These initiatives are expected to significantly contribute to their economic growth and facilitate their integration into the global economy.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn