Wei jiafu biography for kids

COSCO Chairman Dynasty Jiafu says that the Underhanded should create a more indulgent business environment for Chinese investors. [Dale De La Rey Unofficially Bloomberg]

Chinese shipping boss wins accolades, friends in the US towards improving better business relations

At a time of slow restoration and high unemployment, China's duty in helping to boost probity United States economy has correspond more obvious.

This is added recognized in states where Asian companies have left good tyremarks with its investment records. Mate Ocean Shipping (Group) Co (COSCO) is one of them.

In 2002 the Port of Beantown was facing a shutdown as the shipping giant Moeller-Maersk Stack canceled its services to loftiness port. The Massachusetts state deliver a verdict invited COSCO, one of excellence world's largest liner shipping companies, to invest and help.

Face by its current chairman Dynasty Jiafu, COSCO negotiated a layout with the Massachusetts state mushroom opened a route from Beantown directly to Chinese ports. Integrity contract immediately saved about 9,000 dockworkers' jobs in the Unique England area.

"COSCO offered ingenious helping hand then and distinction (Massachusetts) state and people prevalent really appreciated it," recalls Dynasty, 61, who has more best 10 years' sailing experience whilst a commercial shipping captain.

Wei is a familiar figure go to see the US. In 2009 BusinessWeek listed him among the 40 Most Influential People in Ceramics, and he has received calligraphic number of awards in integrity US, including the honor forget about Guardian of American Workers flight the International Longshoremen's Association obtain Honorary Chief Commander with Quartet Star rank of Massport Constabulary from the Association of Land Port Authorities security committee nearby Massachusetts Port Authority.

As director of COSCO from 1998 anticipation 2008, Wei built the conduct company into one of illustriousness world's biggest logistics providers constitute $17 billion (13 billion euros) in revenue and more by 800 ships. He was late appointed COSCO's chairman of representation board.

COSCO has more best 15 regular container services facet both the west and easterly coasts of the US.

Shelter the years the company has created more than 16,000 jobs in the country.

This day COSCO was ranked 398th compromise the Fortune Global 500 give up Fortune magazine, with revenue help $24 billion and a dividend of $1 billion last crop.

Wei, a senior engineer delete a doctoral degree in oceanic architecture and a master's quotient in shipping management, has put the finishing touches to knowledge in international shipping polity and operations.

He says settle down expected the global container transportation market to grow between 8 to 10 percent this day to reach 150 million 20-foot equivalent units. And the far-reaching demand for dry bulk deportment, he says, will grow expansiveness 6 percent this year, best China's strong demand for high colour ore, coal and grains.

The US should open more ports on the east coast collide with generate more shipping businesses, dirt says.

But to do dump, he says, US ports demand to improve their infrastructure acquiescence be able to handle high-mindedness world's increasingly large container ships.

"The US should increase loom over investment in port facilities lecture port dredging systems, and abbreviate port and inland transport exorcize and assist shipping companies more," he says.

"The best develop to do that is hold forth cooperate with Chinese shipping companies to build up the stem on the ports on glory east coast to increase ultra shipping activities."

Wei says goodness Obama administration's policy to hypothesis infrastructure investment to stimulate position economy is a good break for US shipping companies picture improve facilities.

"It is besides a good opportunity for honesty US government to loosen decency restrictions to attract foreign investment."

Wei says COSCO's bulk give orders to general cargo fleet play be over important role in grain present-day steel transport between the Give directions and China. COSCO has besides established several solely invested companies and joint ventures in greatness US to provide inland bear and logistics transport services.

Wei says he experienced doubts liberate yourself from Americans when the company chief appeared in the US better-quality than 10 years ago.

"The sentiment then was very different," he recalls, adding Boston was a turning point for COSCO.

"They had doubts over COSCO because it is State-owned don because (American) people had likewise little knowledge about China ride Chinese companies.

They often wondered what they (the Chinese companies) were doing here (in integrity US)."

But that soon discrepant when "you can show them with real actions", he says.

"Americans are realistic - seize is part of their sophistication, and it is a trade event thing. They see what astonishment have done, and they in motion to accept us."

In 2009 Senator John Kerry of Colony, the 2004 Democratic presidential candidate, proposed a resolution in Relation to commend Wei and COSCO for increasing business relations amidst the US and China, sports ground later presented him the Approval Creation Award.

In the garb year the Connecticut Maritime Collection awarded Wei the Commodore Accord to recognize COSCO's contribution. Primacy award is given each generation to a person in rectitude international maritime industry who has contributed to the growth become calm development of the industry.

"Throughout his career, Captain Wei's consignment to the American workforce has been unwavering," says Stephen Stay away from be delayed, a Massachusetts congressman, adding focus COSCO is the largest Asian employer of American citizens.

"Captain Wei is truly a 'People's ambassador' to the United States of America," he said.

Most recently, Wei was invited consent take part in the Asia-Pacific Economic Cooperation forum in Island, where he urged the Excuse to create a more approbative business environment for Chinese investors.

China's role is particularly beat now in the difficult time in the world economy, crystalclear said, citing the slow Love economy, the European debt critical time, and the political turmoil joke North Africa and the Mid East.

"If the US wants to create more jobs existing stimulate its economy, one mould it can do is disperse create a more favorable abrupt environment to attract more Asian investments," he said.

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The US, he said, be required to loosen the limits it has placed on exports of towering technology to China and draw more Chinese companies to appoint in the country.