Two major ports in Hebei province and Tianjin municipality has signed an agreement to work together instead of competing with each other, resulting in the foundation of a new company, the Tangshan Container Terminal.
Tangshan Port and Tianjin Port signed the deal on July 18, which drew up some 500 million yuan ($74.65 million) in registered capital.
The newly-formed container terminal will process cargo from Asia, Europe and America.
Sun Wenzhong, Chairman of the Board of Tangshan Port Group, said that the cooperation represents a win-win situation for the two ports and will benefit the development of the Beijing, Tianjin and Hebei areas.
By the end of the 13th Five-Year Plan (2016-2020) period, container ship berths at the Tianjing-Tangshan ports will increase from four to ten, with container capacity rise from 1.2 million to five million per year.