The ship was previously owned and operated by the Peninsular and Oriental Steam Navigation Company (P & O). In 1872, the company acquired its first steamship, an old combined sail & steam-powered vessel named SS Aden. 'China Merchants Bureau'), although by the 1880s this had morphed into Lunchuan Zhaoshang Zongju ( Chinese: 輪船招商總局 lit. The listed Chinese name for this company in the early 1870s was Zhao Shang Gongsi Ju ( Chinese: 召商公司局 lit. įleet flag & funnel livery of China Merchants Steam Navigation Co. Zhu Qiang had already purchased an official rank as a sub- Prefect in Zhejiang. ![]() The Zhu brothers and extended family had a large and successful sea-going junk business, shipping sand, rice and other cargoes along the regional coast. Initially, Li Hongzhang appointed Zhu Qiang ( Chinese: 朱其昂) as manager at the Shanghai office, assisted by his younger brother Zhu Qizhao ( Chinese: 朱其詔). The company also received loans from government sources and monopoly rights that prevented the founding of rival Chinese steamship companies. It obtained government support and received a monopoly contract to transport the tribute grain from the Yangzi Valley to the capital city of Beijing. 80% of the company's start-up capital was provided by native Chinese, making this the first transportation company using modern technology not based on foreign ownership. Its purpose was to capture part of the international trade, which had been virtually monopolized by foreign companies based in Treaty ports. Beginnings and growth (1872–1978) Early history Ĭhina Merchants Steam Navigation Company was a shipping company founded on 16 December 1872 by the then Viceroy of Zhili Li Hongzhang, who was also concurrently serving as Commissioner of the Beiyang Fleet. In the Western media, China Merchants Group is mostly known for being criticized as a tool for China's "debt diplomacy" and its legal disputes with DP World, another port operator, regarding concession rights at the Port of Djibouti. įounded in 1872 as the China Merchants Steam Navigation Company in Shanghai, the firm has developed into one of China's leading SOEs since the 1980s and has expanded its global role as a result of China's Belt and Road Initiative in the early 2010s. The company is operating under the auspices of the Chinese Ministry of Transport. Now headquartered at Hong KongĬhina Merchants Group Limited ( Chinese: 招商局集团 pinyin: Zhaoshangju Jituan) is an international state-owned enterprise (SOE) of the People's Republic of China. Chinese state-owned corporation China Merchants Group Limited Formerlyġ6 December 1872 150 years ago ( ) in Shanghai
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