Good Monday Morning From World Port L.A. ! We experiment with a new format today which brings you news and comment written by The Cargo Letter from our world-wide sources. We intend a greater degree of "news you can use" in a crisp, condensed and direct package for members of our industry. What are your thoughts & suggetions for our format and content? >>>Check out the "Cargo Letter 10" stock portfolio ! [Please send your U.S. deregulation thoughts for The Great Debate!.] As to news.....it continues to become clear that "Salsa" is the current HOT ticket. We share grief this morning with our trading partners in the State of Israel. McD
TO OUR MEMBERS: Please take note that our new address for The Cargo Letter is CargoNews@aol.com, while the address for the Countryman & McDaniel law offices remains CargoLaw@aol.com.
Deregulation moves continue in the U.S. as the U.S. Senate Transportation Committee is said now close to approval of "The Interstate Commerce Commission (ICC) Termination Act of 1995". This was expected and will shortly end regulation of road & rail traffic in the U.S., except for various safety and related regulations to be shifted for enforcement to the U.S. Dept of Transportation. As currently seen, all ICC employees will be laid off in December 1995.....(we will see about that part).
In a related, yet suprising story, a major U.S. labor union rose late on 1 Nov. to suggest a problem with this road & rail deregulation. "The AFL-CIO has just begun to review this bill, and we understand that it repeals provisions . . . that are designed to protect employees affected by mergers and other transactions," Peggy Taylor, legislative director of the AFL-CIO, said in a letter. The Cargo Letter is not certain where the union has been for the last years of this almost closed discussion, but the U.S. ICC certainly is soon to be>>>>>>> gone.
MEANWHILE>>>>>>>debate over U.S. ocean shipping and the Federal Maritime Commission continues both in Washington and at The Cargo Letter! PLEASE CONTRIBUTE YOUR THOUGHTS AND POSITION.
U.S. Senate staffers are suggesting that actual deregulation activities are still a way off. "I don't think too much more will happen this year beyond the hearing" said a spokesman in the office of a Senate commttee member. In a partial breaking of ranks, both APL & Crowley Maritime are said to have concerns over wording in the proposed legislation. Meanwhile, the American Association of Port Authorities warns that the U.S. simply cannot afford some RUSH to deregulate without extensive public hearings and input from all parties..........including smaller forwarders & shippers. The International Longshoreman's Association (ILA) is against deregulation.
The Cargo Letter awaits further contribution from FIATA and other associations. Indeed we appreciate the recent comments of Mr. Warren Levine, Ocean Transport Mgr, Charles M. Schayer & Co., Denver, Colorado.
TODAYS DEREGULATION EDITORIAL.............................by
Eric Steinbock
SCAC Transport (USA) Inc.,
San Francisco.
In Europe, freight forwarding is a profession with a system of apprenticeship, traiing, and certification. In the U.S., big daddy government has to protect naive shippers from unscrupulous forwarders by enforcing licensing and filing surety bonds. Only just now, through the American International Freight Association (AIFA) are some real efforts being made for training and certification of forwarder personnel. The licensing of freight forwarders and bonding of both freight forwarders and NVOCCs may all be well and good for the American industry which does not have the respect of the Europeans, but it is really nothing but a false security blanket. Those shippers feel such licensing and bonding imparts some quasi-official approval of their forwarder or favorite NVOCC are misinformed and naive. A $50,000 surety bond is scant protection and says nothing of a company's business practices or fiscal well-being.
It is hyprocritical to regulate part of an industry and not other parts. Air freight is totally deregulated, no more CAB tariff filings or registration. Ocean carriers are not licensed and not bonded and go bankrupt with regularity and leaving more losses than any forwarder or NVOCC. The forwarding industry is largely unregulated in most of the world. Why should shippers feel more comfortable that their forwarder or NVOCC has a bond and tariff on file at the FMC when they give freight without apparent anxiety to unregulated truckers, airfreight forwarders, and airlines?
Likewise the requirement of tariff filing is a false security blanket little used by average shippers, but spreading the aura of official sanction to the entities that have to file. Apparently, many forwarders, NVOCCs, and VOCCs feel really confortable with this image and find it hard to give up.
I agree there should be some important protections for shippers and consignee, including continuing close scrutiny of those carriers which continue to receive anti-trust exemptions. Registration, if not licensing, and notice of agent for service of process should remain for both forwarders and ocean carriers. I agree with AIFA/FIATA in eliminating the distinction between freight forwarder and NVOCC -- make it the same as the rest of the world. Tariff filing does not have to stay. Our NVOCC spends close to $20,000 per year for tariff maintenance and I've yet to hear of any client asking to see a copy of our tariff page showing our rates let alone check our tariffs with the FMC's ATFI system. All this waste for the potential one in ten thousand clients that has a complaint and can't get any satisfaction on their own? Let's get real here. Why shouldn't merchants expect only the same recourse for damages from our industry that they have with any other of their vendors -- arbitration or litigation -- rather than rely on some very expensive government agency to press their case?
Let's save our industry millions and invest it in better trained staff and other tools to enhance American freight forwarding.
Eric Steinbock
SCAC Transport (USA) Inc.,
San Francisco.
Both the U.K. and Korea continue with the U.S. in feeling the sting of a balance of trade deficit. The U.K. weighs in with a $2 Billion short gap for July, while South Korea celebrates only a $172 Million gap in October which is the smallest this year. England points to imports outside of the EU which continue to grow. Meanwhile, Korean imports have tended to slow (consumer & factory re-tooling) as the exports have begun to move forward again (a rise of 30% over last year). This east-west comparison contains some interesting suggestions.
Here are todays Stock Watch Report AND progress on our "Cargo Letter 10" portfolio. [portfolio represents $l000 purchase of each stock at close on 3 Nov 1995]
This is the first week of our "Cargo Letter 10" where we have "PURCHASED" 10 freight forwarder related stocks to see where they will go in the coming year. Thus, all are currently at our $1000 starting investment level.........what's next?
| Sym | Price | Change | Value |
|---|---|---|---|
| ABF | 28 5/8 | +5/8 | $1000 |
| AEIC | 21 1/2 | ---- | $1000 |
| APS | 24 1/2 | ---- | $1000 |
| DALpC | 57 3/8 | +3/4 | $1000 |
| FDX | 84 7/8 | -1 1/8 | $1000 |
| FRTZ | 38 1/4 | -1/2 | $1000 |
| HARG | 17 7/8 | -1/4 | $1000 |
| ICAR | 11 1/4 | -3/4 | $1000 |
| IPX | 16 3/4 | +3/4 | $1000 |
| MAX | 9 3/4 | -3/8 | $1000 |
ABF [Airborne Express] AEI [Air Express International] APS [American President Lines] DALpC [Delta Airlines] FDX [Federal Express] FRTZ [Fritz Companies, Inc,] HARG [Circle International,Ince/The Harper Group] ICAR [INTERCARGO Insurance Company] IPX [Interpool -IPX] MAX [Mercury Air Cargo]
WHAT'S A "NAFTA"?______Interesting results from an Institute of Management Accountants survey this week. 70% of contollers say that neither NAFTA (North American Free Trade Agreement) nor GATT had an impact on their U.S. corporations. Another 24% reported positive impact and 6% found negative consequences. Of this corporate accountant group, 61% are involved in export activities.
WHERE AMERICA WILL NEXT INVEST_______Industry survey results published this week show Southeast Asia as the area of first choice for U.S. corporate expansion. As Cargo Letter predicted last year, South America stands in the number two spot with Eastern Europe third. The others were 4) Mexico, 5) Western Europe, and 6) Canada. Japan, where Sony will ship its LAST domestic production T.V. next month............finished last.
HONG KONG NARROWS DEFICIT_______H.K. govt. spokesman reported last week that the trade deficit has dropped a dramatic 80% over the past 5 months. For the last 9 months imports are up 15% while re-exports are up 20%.
NEW "EXPLORER" ON THE NILE________It will be a Ford Explorer, as the U.S. auto maker returns to the Egypt sales market after some 30 years. FF opportunities for parts. Ford opened a Cairo branch in 1926, but left in the 1960's for political reasons.
MORE BANANA BANTER_____U.S. Senator Dole said this week that import restrictions may be imposed on Costa Rica, unless the major banana exporter protests restrictive EU policies regarding this (apparantly) most sainted of all fruits.
Zimbabwe Volume_____(Harare, S. A. - 2 Nov) The trade volume is up a full 45% with South Africa over 1994, demonstrating both hoped for internal and regional stability. Greater, and also telling, is the 680% trade gain between Zimbabwe and Namibia. Can the connections be equalized for continued improvement of the region?
As Cargo Letter reported estimated South American air cargo growth of between 8-10% each year until the year 2000, it was known that the U.S. had struck an aviation pact with both Argentina and Peru. Now the Clinton administration's air cargo expansion plan will zero in on the mother lode.....Brazil. Indeed the U.S. lift to Brazil is UP 77% [exceeding predictions] just in the first 7 months of 1995.
Virtually all U.S. air carriers applied by the October deadline for route allocation between the U.S. and Brazil.....the largest Latin American market. The all cargo carriers will grow from the present 2, to 3 at once, with a number 4 to be designated in April 1996. The old international agreement allowed 14 all cargo weekly flights, but the new terms call for 15 and then to 21 up-lifts by 1997. Who will get the routes? The Dept. of Transportation has not said. Contenders certainly include AA, UAL, Challenge, Tower & FedEx. Any forwarder not currently _looking_ at the So. Am. market should report for an eye test.
WILL THE SALSA BEAT RULE AIR CARGO?______ Miami International Airport (MIA) is now seen to become the world's leading cargo handler by 2000, when it is slated to pass top- ranked Tokyo Narita airport. This another sign of the South America "air rush".
NEW FAITH IN HONG KONG________Cathay Pacific, the H.K. flag carrier, has just demonstrated its faith in the future with China by announcing construction of a unified HQ at the new Chek Lap Kok - H.K. airport. Described as a "Grand Complex", the new facility will cost US$450 million.
CATHAY TO BIG APPLE______Starting 1 July '96, Cathay Pacific will operate five flights from New York (belly cargo) via existing Vancouver, B.C. service.
The international trend toward carrier cooperation and "alliance building" will continue, if not expand into new modes. The newest Carrier-Combo was announced 2 November between NYK Line, P & O Container Line, Neptune Orient Line (Singapore) and Hapag-Lloyd. The geographic/flag carrier realities of this joining to provide shared global freight service is obvious for Japan, Germany, Singapore and the U.K....home of the lines. This will not be the last announced "Carrier-Combo" this year as the landscape of our industry continues to change. Will these Carrier-Combos be at the ultimate expense of FFs/NVOs/Consolidators? According to Neptune Orient, the new shared-service will not be in place until mid-1996.
Meanwhile, members of TACA are said on the verge of taking a unified approach to inland logistics & service. After recent arrangements for a joint interchange system several weeks ago, the Trans-Atlantic Conference Agreement members look toward the prospect of A.) Joint warehousing in a "depot" concept, and B.) collective purchase of land bridge & truck services. These announced plans speak volumes about carrier intent to OWN door-to-door services. We also see a next step to be continued direct shipper-market inroads by the carriers in a trend to supply ALL service. Is this a suprise for forwarders?
Several European groups have expressed concern over the whole "alliance building" picture as taking tighter control of proces, but not passing along savings to shippers. Indeed, MONOPOLIES are historically known for this specific trait. Smaller shippers also voice concern.
EXPECT LOWER CENTRAL AMERICAN RATES_____In response to a 15% lowering of Central Am rates by Seaboard Marine a rate war has been touched off. More, Sea-Land, Maersk, and Crowley have quit the Latin American Shipping Service Association (LASSA), thus killing the group. Expect better rates, even in this hot market, until the carriers re-group.
U.S. HARBOR MAINTENANCE FEE STRUCK DOWN___ Predictions of Cargo Letter having come true, the U.S. court has found that the U.S. Harbor Maintenance Fee is in reality (despite its name) an illegal tax on exports. Forwarders are urged to continue paying the fee under protest and begin to file claims to recover money previously paid. Cargo Letter will explore the porcedure.
ALEMEDA CORRIDOR STILL JUST "CALIFORNIA DREAM'N" DELAYED _____This Los Angeles port to city, multi-modal project will be the most costly of its kind in the U.S.......if it is ever built. A source from Alemeda Corridor is concerned that an additional US$700 million in needed federal funds may not be available. This is all to be expected in Los Angeles where the new auto freeway to LAX opened last year............it took 25 years to build!
Industrial Bank of Japan has just issued a study which concludes Japanese carriers pay too much attention to long term shipper relationships which weakens profitability.
Indian ports are said running so close to capacity that a government move at New Delhi will take the dramatic step of privatization in order to improve efficiency and allow greater volume without additional investment. Clear signal here that the India trade trend is continuing, as long as it doesn't cost anything.
Lykes Lines vessels are ordered protected from arrest by Federal Bankruptcy Court. Immediate $1.1million in U.S. govt aid on the way.
The Peruvian Govt will privatize the Port of Ilo in early 1995 as plans continue for road link with La Paz, Bolivia......a land locked country.
Hapag-Lyoyd Line will restart feeder service between Halifax, via Portland, Maine to Boston on 1 Dec 1995. This certainly beats the former barge service.
PASSENGERS WILL PLEASE REPORT TO THE "SOMEWHERE ELSE DECK"_______Regency Cruise Lines and all its 6 vessels are shut down under VERY unclear circumstances [experts suggest $ might be a factor ! ]. M/V Regency Rainbow was arrested at Tampa. Passengers from 6 vessels less than pleased.
CHINA PORTS______The race continues as east China ports expand and attempt to control regional trade. Ningbo, in Zhejiang Province, remains in first postion with an impressive volume up 56% over last year. Ningbo has 59 major berths with plans for 38 more by 2000 (this is a big port). Meanwhile, Port of Fangcheng in Guangxi Province announced 9 news berths as that port continues expansion. Where "THE carrier" is concerned, major supporting banks have just raised COSCO's credit line a full 60% to US$160 Million. The president of OOCL predicts a MAJOR BOOM in container traffic as Chinese manufatures relocate to cheaper inland locations. >>>>CLAIMS TIP>>>>watch carefully for pre-shipment damage to cargo from inland locations which is stuffed at the ports. This is can be especially true of perishable commodities. Many current cargo damage lawsuits ultimately trace the cause to VERY scary conditions of Chinese road & rail movement. Better that their agent (not yours) loads the container if possible. Check local port custom, as in the Far East actual carrier agents can often be used for container loading.
Alaska/Mainland rates have just gone up for the second time this year according to TOTE (Totem Ocean Trailer Epress).
COLUMBIAN DOCUMENT CRACKDOWN______In order to curb smugglers, Columbian Customs is CAREFULLY comparing the OB/L, commercial invoice and the manifest.....each against the other........and then physically against the cargo. Fines up to 200% of cargo value will result from errors. So called errors are such as showing weight by pounds on one document, but by kilos on another.......OR......showing the goods generically on an HB/L when the commercial invoice identifies items by their specific name. Be careful!
M/V Armada Kasturi is aground off Papua, New Guinea. Your cargo will be a bit late.
South Korea seized 5 Cinese fishing vessels & crew on 26 Oct '95 for illegal fishing. Korea will not follow a "catch and release" policy.........the crews face 5 years in prison.
FLORIDA CARGO "PIRATES" GAIN UPPER HAND_____ The South Florida Cargo Theft Task Force can't do the job, according to carrier, insurance and shippers interests alike. Shipper Calvin Klein calls local govt action "superficial" and uncoordinated. Floridians point to success of The Cargo Cats special task force in L.A. and demand action to curb the crisis level of theft. The U.S. Attorney has been ordered to take action for the estimated US$100 Million problem (Cargo Letter fears the problem is much worse based on freight loss data and cases we have seen). YOU MUST advise customers to carry door-to-door marine cargo insurance.
NEW FLAVOR OF PIRATE______Russia will begin isseuing special passports to merchant sailors in order to better identify the "real" ones. There has been an epedemic of pretend sailors operating the Russian cargo theft & smuggling industry. Will the real Popeye please stand up?
31 Oct - Typhoon Zack continues to be a major risk to shipping as it tracks west towards Vietnam during the next 12-24 hours. Until thursday it is suggested that you watch loadings/transfers carefully in terms of later claims of "water damage' while customer freight was in hands of the ocean carrier. Top winds near the typhoon center are still more than 120 mph and rough seas will also be a factor for shipping.
The Typhoon is expected to track into the coast of Vietnam with winds of 115-120 mph in about 24 hours. Coastal damage could be severe due to the high winds and a storm surge. Winds will diminish as the system tracks inland but the very heavy rains could continue. WSC said it expected to see severe flooding and mudslides this later in this period with quite severe damage.
>>>>>>CARGO LETTER>>>>>>
Today we launch the Great Debate over deregulation of U.S. shipping............an issue which effects each of our readers on 6 continents. In the interest of space we will not republish the basics of this issue today. We WILL UPDATE THESE BASICS USING __YOUR CONTIRBUTIONS__.. This issue may determine your employment in the next year.....PLEASE e-mail YOUR private/secret opinion in confidence to Cargo Letter.To BEGIN the Great Debate we are honored to publish the arguements of Mr Jim White, Director General of FIATA (International Federation of Freight Forwarders Association) in favor of U.S. maritime deregulation and the the END of the Federal Maritime Commision.
This debate was launched by a Cargo Letter observation in September that U.S. Freight Forwarders tended to favor continuation of the FMC. REASONS? These include at least two, as follows:
Our brother FFs/NVOs in europe argue that it is unfair for the U.S. to impose
these requirements......without similar requirements in the U.K. or EU. Cargo
Letter says "OK"......please impose the same protections in your home
country that U.S. shippers already have and then we can join together in common
cause to protect ourselves and our customers against the "fly by
night" operator.
McD
Cargo Letter now presents:
The Editor, Cargolaw
Dear Mr McDaniel
I refer to your e-mail of the 26th inst, on which I should like to make a couple of further comments.
Insofar as the Reform Bill currently before Congress is concerned, the international forwarding community and the US domestic community as represented by the American International Freight Association (AIFA) are interested primarily in removal of the tariff filing requirement and the legal differentiation between forwarder and nvocc. I believe that this last point has significantly inhibited the successful expansion overseas of US maritime forwarders in recent years. The IANVOCC, according to my latest information, is also supportive of deregulation, as are many members of the NCBFAA, although possibly not the East Coast hierarchy.
FIATA does not challenge the right of the US Government to require US forwarders and nvoccs to post a bond or take any other measures which they may deem appropriate in providing consumer protection. What we do protest at is the extra - territorial extension of US legislation which requires forwarders in the UK for example to do likewise. Members of the UK association already are subject to a self regulation programme which is designed to achieve the same objective, and in many countries there are government licensing rules which control their forwarding industries.
The corollary to the US approach is that every US forwarder/nvocc should post a bond in each country to which he ships freight, and, frankly, if the deregulation Bill does not eliminate tariff filing and the need for a bond, there will be more calls for reciprocity, which will do no good at all to the prospects for increasing world trade.
I look forward to the forthcoming debate on our screens.
Yours sincerely,
Jim White, Director General FIATA
To the Cargo Letter Editor:
I think Senator Pressler of the great international trading state and ocean transportation hub of South Dakota is totally off base with his proposition to do away with the Federal Maritime Commission while at the same time extending existing anti-trust immunities for conferences.
The fact that the conferences have had immunity from anti-trust prosecution has created and supported organized restraint of trade on the shipping community. It is my feeling as an agent for a number of NVOCCs that the anti-trust exemptions must be abolished in order to continue along the path of free-trading and open doors.
It is ludicrous that the same people who cry about too many government hands on private business want the government to put their arms around the conference carriers and swaddle them in a protective blanket of unreasonable and anti-competitive laws!
If we wish there to be continued regulation of the shipping industry, then let's be consistent and regulate everyone to the same degree - hold all like carriers to the same rights and responsibilities. If we wish to dispose of regulations, then so be it as well. However, the bottom line must be fair competition, with the accent on fair, which the proposed Pressler bill would preclude.
Sincerely,
Warren S. Levine
Ocean Transportation Manager
Charles M. Schayer & Co.
Denver, Colorado
Please submit your private view of U.S. deregulation!!! By e-mail to The Cargo Letter.
SHANGHAI (Oct. 25) XINHUA - Shanghai is preparing to become a well-equipped international shipping center by the year 2010, a senior government official said here today. The center will comprise a 15-m-deepwater port, and the waterways at the mouth of the Yangtze River will be dredged and improved, according to Qian Yunlong, director of the transportation office of the Shanghai Municipal Government.
Because official studies are now complete, the construction of relevant transportation facilities will be accelerated. Old ports will be renovated. The first-phase project of the Pudong Airport will be completed within this century, which will have a main runway and a lounge in a construction area of 120,000-150,000 sq m. An information network covering economy, finance, insurance, trade, science, education and statistics will also be built.
Shanghai will be capable of handling 418 million tons of cargo and 155 million passengers by the year 2000. The ports will handle 220million tons of cargo.
In five years the transportation and telecommunications industry will account for ten percent of the city's gross domestic product.
WASHINGTON, Oct 23 (Reuter) - A bill to deregulate the nation's ocean shipping industry and abolish the Federal Maritime Commission [FMC] will be introduced next week, Senate Commerce Committee Chairman Larry Pressler said Monday. ``This bill will produce an ocean transportation system that is up to the task of meeting the demands of U.S. businesses which strive to be competitive in the global marketplace,'' Pressler, R-S.D., said in a statement.
The bill would eliminate federal enforcement of shipping tariffs as of Jan. 1, 1997, and end the requirements that tariffs and service contracts be filed with the federal government by June 1, 1997.
The FMC, which regulates the domestic shipping industry, would be abolished by Oct. 1, 1997, and its remaining functions would be transfered to the Transportation Department, if the bill becomes law.
_Pressler said_ his bill would allow shipping companies to continue setting rates collectively through conferences by extending existing antitrust immunities. It also strengthens laws against unfair competition by foreign shipping companies, he said. Many U.S. forwarders stand against the proposed law and believe it would hurt, if not destroy, the forwarder/consolidator industry and give an unfair advantage to carriers.
>>>>>>CARGO LETTER Background
Info>>>>>>>
The nation's railroad, trucking and airline industries are now largely
deregulated in setting rates. The Civil Aeronautics Board was abolished over a
decade ago and the Interstate Commerce Commission, which regulates trucks and
railroads, may be eliminated soon.
MEMPHIS, Tenn.--(BUSINESS WIRE)--Oct. 17, 1995--What is the status of my FedEx package? For CompuServe Information Service members, the answer is as close as their personal computers. A new Federal Express store on CompuServe's Electronic Mall offers 24-hour package status tracking plus a host of other services and information for business and residential customers. CompuServe allows FedEx customers to track the status of their packages on-line within the FedEx store. By simply typing in the tracking number from a U.S. or international air waybill, CompuServe members can quickly obtain updates on shipment status and proof of delivery. Members can also download or order free FedEx software, check service availability to a specific destination, talk to FedEx via email and read about the newest FedEx services and geographic locations. Open every day of the year, the FedEx store also provides detailed information on services targeted to the work-at-home professional, international shippers and those with special transportation needs.
FedEx's presence on the Mall builds on a relationship established in 1994, when the two companies signed a network services agreement. CompuServe's Network Services Division provides local-dial access to CompuServe's global data network for the more than 70,000 FedEx customers who use the Powership(R) automated shipping systems. Powership customers use dedicated modem-equipped PCs, supplied by FedEx, to ship domestic and international packages, print shipping labels and verify delivery information on-line.
Federal Express is now the world's largest express transportation company.
WebMaster Note: Federal Express also has their own internet home page.
BEIJING, Oct 1 (AFP) - China's foreign trade volume should reach US$400 billion by the year 2000 as the country seeks to boost exports of high value-added goods, while cutting import tariffs and quotas. "We'll focus on encouraging exports of technology-intensive machinery and electronic products with relatively high added value," senior foreign trade ministry official Zhag Wenyuan was quoted as saying by the China Daily on Monday.
With foreign trade forecast to top 300 billion dollars in 1995, Zhang said the volume would hit 400 billion dollars by 2000, "with export and import volumes basically balanced."
While priority will be given to developing high value exports, traditional Chinese exports such as textiles and light industrial products will be encouraged to emphasise better quality, more variety and recognised brand names. The government will improve access to the Chinese market by cutting import tariffs, and reducing quota and licence controls, Zhang said. He also pledged further steps to restructure China's foreign trade mechanisms in order to accelerate the country's integration into the international trade regime. Beijing has accused Washington of blocking its accession to the World Trade Organisation (WTO), by insisting on "unrealistic" conditions for China's entry and refusing to grant it developing nation status within the global trade body.
According to Chinese statistics, the country's export volume has witnessed average annual growth of 18.1 percent over the past four years, with imports climbing 21.3, to make China the 11th largest world trader in 1994, compared to 15th in 1990. In order to sharpen the country's competitive edge in the international market, Zhang said domestic firms would be encouraged to merge into large consortia, capable of taking on foreign multi-nationals.
Information provided by The Cargo Letter
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