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China Merchants Group
China Merchants Group Limited (Chinese: 招商局集团; pinyin: Zhaoshangju Jituan) is a state-owned enterprise (SOE) of the People's Republic of China. The company operates under the auspices of the Chinese Ministry of Transport.
Founded 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. In the Western media, China Merchants Group is mostly known for being criticized as a tool for China's alleged debt-trap diplomacy and its legal disputes with DP World, another port operator, regarding concession rights at the Port of Djibouti.
China 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. Its purpose was to capture part of the international trade, which had been virtually monopolized by foreign companies based in Treaty ports. 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. It obtained government support and received a monopoly contract to transport the tribute grain from the Yangzi Valley to the capital city of Beijing. The company also received loans from government sources and monopoly rights that prevented the founding of rival Chinese steamship companies.
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 Zhu brothers and extended family had a large and successful sea-going junk business, shipping sand, rice and other cargoes along the regional coast. Zhu Qiang had already purchased an official rank as a sub-Prefect in Zhejiang.
The listed Chinese name for this company in the early 1870s was Zhao Shang Gongsi Ju (Chinese: 召商公司局; lit. 'Merchants Bureau'), although by the 1880s it had turned into Lunchuan Zhaoshang Zongju (Chinese: 輪船招商總局; lit. 'China Merchants Shipbuilding Bureau').
In 1872, the company acquired its first steamship, an old combined sail & steam-powered vessel named SS Aden. The ship was previously owned and operated by the Peninsular and Oriental Steam Navigation Company (P & O). However, the Zhu brothers lacked knowledge about modern steamships and their operations, and that they were unsuitable to head the new endeavour. They subsequently replaced Zhu Qiang as manager with the appointment of Tang Jingxing to this position in 1873. Both Zhu brothers, however, being substantial shareholders, retained positions in the company as "Rice Tribute" managers.
By 1877, the company was still not turning a profit and a decision was taken to expand the fleet significantly in an attempt to break the foreign shipping companies' virtual monopoly on the China coastal trading routes. The company purchased the entire fleet of 17 vessels from the Shanghai Steam Navigation Company whose agents were the old-established American Treaty-port traders, Russell & Company.
In 1885, Sheng Xuanhuai was named the company's director-general General to improve its fortunes, following the departure of Tang Jingxing for other industrial projects.
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China Merchants Group
China Merchants Group Limited (Chinese: 招商局集团; pinyin: Zhaoshangju Jituan) is a state-owned enterprise (SOE) of the People's Republic of China. The company operates under the auspices of the Chinese Ministry of Transport.
Founded 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. In the Western media, China Merchants Group is mostly known for being criticized as a tool for China's alleged debt-trap diplomacy and its legal disputes with DP World, another port operator, regarding concession rights at the Port of Djibouti.
China 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. Its purpose was to capture part of the international trade, which had been virtually monopolized by foreign companies based in Treaty ports. 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. It obtained government support and received a monopoly contract to transport the tribute grain from the Yangzi Valley to the capital city of Beijing. The company also received loans from government sources and monopoly rights that prevented the founding of rival Chinese steamship companies.
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 Zhu brothers and extended family had a large and successful sea-going junk business, shipping sand, rice and other cargoes along the regional coast. Zhu Qiang had already purchased an official rank as a sub-Prefect in Zhejiang.
The listed Chinese name for this company in the early 1870s was Zhao Shang Gongsi Ju (Chinese: 召商公司局; lit. 'Merchants Bureau'), although by the 1880s it had turned into Lunchuan Zhaoshang Zongju (Chinese: 輪船招商總局; lit. 'China Merchants Shipbuilding Bureau').
In 1872, the company acquired its first steamship, an old combined sail & steam-powered vessel named SS Aden. The ship was previously owned and operated by the Peninsular and Oriental Steam Navigation Company (P & O). However, the Zhu brothers lacked knowledge about modern steamships and their operations, and that they were unsuitable to head the new endeavour. They subsequently replaced Zhu Qiang as manager with the appointment of Tang Jingxing to this position in 1873. Both Zhu brothers, however, being substantial shareholders, retained positions in the company as "Rice Tribute" managers.
By 1877, the company was still not turning a profit and a decision was taken to expand the fleet significantly in an attempt to break the foreign shipping companies' virtual monopoly on the China coastal trading routes. The company purchased the entire fleet of 17 vessels from the Shanghai Steam Navigation Company whose agents were the old-established American Treaty-port traders, Russell & Company.
In 1885, Sheng Xuanhuai was named the company's director-general General to improve its fortunes, following the departure of Tang Jingxing for other industrial projects.