The administration of Jinzhou Port, which is located in north-eastern China, has announced that it will set up an insurance brokerage subsidiary as it expands into the financial sector.
The firm, which will be known as Jingang Insurance Brokerage, will be registered in Tianjin with an initial capital of RMB50 million (US$7.6 million).
According to Jinzhou Port, the subsidiary will enhance its profitability and represents another step as it seeks to diversify its businesses, according to a report by maritime news outfit Splash. The brokerage is still awaiting approval from the China Insurance Regulatory Commission.
Jinzhou Port is a maritime hub facing the Bohai Sea, one of the busiest waterways in the world. In the first half of 2017, a total of 52.67 million tons of cargo, mostly grain and related products, passed through the port, an 18% year-on-year increase.
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