Single digit growth is “the new normal” says Qingdao chairman

The chairman of Qingdao Port International, Zheng Minghui, has said in a statement that lower rates of growth are “the new normal” for the Chinese container terminal industry.

He said that the era of rapid growth has gone and been replaced by “medium-to high or even medium” growth. Put differently, he said, growth has gone from double digits to single digits, due to the slowdown in China’s import and export growth.

Growth at the main Chinese coastal ports has fallen from 11.3% in 2011 to 5.6% in 2014, according to the Ministry of Transport.