China has officially launched the newly merged operations of Cosco and China Shipping Group.
The Shanghai event to unveil China Cosco Shipping Corporation (Coscocs) was presided over by chairman Lu Xirong, Reuters reported.
He admitted the industry was experiencing its worst downturn since 2008 and said mergers were key to surviving the bad times.
But he said staff had been told there would be no salary cuts or lay-offs.
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