Shanghai on Course to Smash Global Shipping Record with 50 Million Container Milestone: A Strategic Blend of Infrastructure Investment and Financial Liberalisation

Shanghai's ports are on track to surpass the 50 million container threshold, marking a worldwide shipping milestone in 2024. The city is channeling resources into infrastructure and technology to foster expansion, while at the same time opening up its financial sector to draw in global shipping enterprises.

At the North Bund Forum, a gathering for the maritime sector, Mayor Gong Zheng announced on Tuesday that Shanghai is projected to manage over 50 million 20-foot equivalent unit (TEU) containers this year. This volume is sufficient for the city to maintain its position as the leading global container port.

"Shanghai is set to be the first city globally to surpass the 50-million TEU mark," stated Gong. He further noted that the government would persist in dedicating resources to transform Shanghai into a global maritime hub.

Last year, the city processed 49.16 million TEUs, marking a 3.9 per cent growth from 2022. This highly developed mainland city has consistently held the title of the world's largest container port since 2010, surpassing Singapore, which now holds the second position.

During the initial three quarters of 2024, Shanghai processed 39.1 million TEUs, marking an 8% growth compared to the same period in the previous year.