Shipping industry fund starts operations in Tianjin

TIANJIN: China Ship Fund, the first investment fund for the Chinese shipping industry, began operations in Tianjin yesterday, mainly to support an industry caught in the middle of the economic slowdown.

It was one of the ten approved industry funds by the National Development and Reform Committee.

The fund is expected to be valued at 20 billion yuan and will be used to purchase ships and rent them to domestic carriers.