China’s Ministry of Finance has earmarked CNY 200 million (USD 28.9 million, EUR 25 million) for the overhaul of vessels and expansion of typhoon-proof mariculture cages in a southern province seeking to increase seafood output.
Documents from the provincial government in Guangxi Province show that the central government’s ministry of finance allocated the funds this year for the overhaul and modernization of 64 trawlers, the renovation of a fishing port, the construction of an artificial reef, and the installation of 205 typhoon-resistant cages for near-shore aquaculture. The funds are being disbursed as grants to companies.
Another 36 trawlers are to be scrapped under the plan. The funds also reference the “modernization” of two “long-distance fishing vessels” and subsidies for the construction of 26 vessels for “international fisheries development.”
China appears to be extending its own fishing capabilities and operations at a time when its contract processing trade is being put under pressure by new American tariffs as part of the ongoing trade war between the world’s two leading economies.
Chinese media reported over the past week that the latest 10 percent tariffs imposed on Chinese goods by the United States will apply to seafood shipped to China for processing before being shipped back to the U.S.
Photo courtesy of Sina/Global Times
