BEIJING, Feb. 20 (Xinhua) -- Two port groups from east China's Shanghai and Zhejiang Province inked a cooperation agreement in Shanghai on Tuesday in the presence of officials from the two places to jointly develop the Xiaoyangshan port in Zhejiang, a key part of the Shanghai Pilot Free Trade Zone and the Shanghai International Shipping Center.
The two firms are respectively Shanghai International Port (Group) Co., Ltd. (SIPG, 600018.SH), China's largest joint-stock port operator by equity throughput, and Zhejiang Provincial Seaport Investment & Operation Group (Zhejiang Seaport), a large state-owned enterprise engaging in seaport-related investment and operation in Zhejiang.
According to the agreement, Zhejiang Seaport will inject funds into Shanghai Shengdong International Container Terminal Co., Ltd., a wholly-owned subsidiary of SIPG, to make the subsidiary a major constructer and operator of a container terminal in Xiaoyangshan.
The cooperation will help foster the high-quality and integrated development of the Yangtze River Delta region. (Edited by Gu Shanshan)