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South-east China's Zhejiang province adopted a new local regulation on commercial fisheries, allowing residents to invest in the construction and management of fishing ports.
Investors must seek permission from the government to build a port on a piece of land.
Zhejiang is one of China's major fisheries and is home to as many as 40,000 fishing ships and boats. Fishing ports were heretofore the exclusive domain of governments. As a result, there was not enough capital to build a sufficient number of ports.
The regulation does not specify whether investors have ownership of the ports.
(Edited by china.org.cn January 8, 2003)
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