BEIJING, Feb. 22 (Xinhua) -- The Port of Shanghai will cooperate with the Port of Ningbo on the comprehensive development of the northern part of southeast China's Xiao Yangshan port area, the China Daily reported Friday.
Shanghai International Port Group (SIPG) and Zhejiang Seaport Investment & Operation Group, the operators of the two ports, have reached a cooperation agreement on the development scheme.
The move is expected to boost the efficiency of cargo transit on the Yangtze River and lower costs, according to the newspaper.
Up to 70 percent of Shanghai port's throughput comes from the Yangtze River Delta region, and nearly half of the goods in Yangshan require additional transportation by water.
The cooperation agreement came against the backdrop of the integration of the Yangtze River Delta region and the development of the Yangtze River Economic Belt.
Zhou Dequan, a researcher with the Shanghai International Shipping Institute, said the development of the northern Xiao Yangshan will benefit such integration in multiple levels.
The innovative collaboration between the two sides will create opportunities for further collaboration across in the region, Zhou added.
The Port of Shanghai is the world's largest port by TEU (twenty-feet equivalent unit) volume, while the Port of Ningbo is the world's largest port by cargo turnover.