Investors are piling into Chinese chip, software and biotech groups at a record pace while paring their bets on e-commerce, as they try to align with Beijing’s policy priorities. President Xi Jinping has led a regulatory assault on internet platforms this year, hitting food delivery, e-commerce, fintech, gaming and education. But the state’s desire to advance technologies such as high-end manufacturing has boosted other companies.
The closure of a terminal at the world’s third-busiest container port, Ningbo-Zhoushan, is only the latest sign that the turmoil in ocean shipping could run into next year. Importers and exporters are fighting to recoup a rise in shipping costs, which have soared to about $15,800 to move a 40ft container from China to the US west coast — a tenfold jump on pre-pandemic levels and up by half on last month, according to data provider Freightos. Chronic delays and soaring costs may leave demand unmet and push up consumer prices.
Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.