China port traffic outpacing upgrades
4 March 2004
China container ports are undergoing large-scale upgrades in response to quickly rising volumes of iron ore, crude oil and other raw material imports. China's overall port traffic rose by 18% in 2003, increasing wait times to as much as one month at certain cargo docks. Shanghai, Tianjin, Shenzhen and Guangzhou are all upgrading their ports. The largest projects are taking place in Shanghai and Tianjin, where port capacity will be expanded to 25 million and 20 million twenty-foot equivalent units annually by 2010, respectively. More than US$4.3 billion in foreign investment is fueling new port construction and upgrades.