Qinhuangdao Port Group announced that it has entered into an agreement with Tianjin Port Group to establish a joint venture called Bohai Port Investment.

The total registered capital of the joint venture is 2 billion yuan ($320 million) , with the two companies each investing 1 billion to get 50 percent of the equity.

The synergistic development in Beijing-Tianjin-Hebei has become a national strategy of China. Against this background, the cooperation among large-scale port enterprises within the region is in line with development trends of the port industry in China, according to a statement from Qinhuangdao Port.

Qinhuangdao Port will take advantage of Tainjin Port Group in terms of logistics, shipping route resources and port finance, so as to speed up the container business of the port. The joint venture will be set up in the Tianjin Dongjiang Bonded Port Area.