On May 31, China P&I Management Co., Ltd. formally established in Shanghai. Mr. Jiang Zhuoqing, the vice mayor of Shanghai, and Mr. Xu Lirong, the Chairman of the Board of China COSCO Shipping Corporation Limited, jointly inaugurated the new company. Over 120 guests of government departments, shipping industry and insurance industry  from all over the worldattended the opening ceremony and witnessed the birth of the first international P&I management company in China. China P&I Management will comply with international custom to adopt new operation mechanism. With the progress of the construction of Shanghai International Shipping Center and Shanghai International Finance Center (“The Two Centers” ), and relying on comprehensive advantages of China (Shanghai) Pilot Free Trade Zone, the new company will promote innovation on shipping and finance service, and propel the progress of the company’s strategy of “internationalization, market-oriented, and professionalism”, thereby enhance its international position in global stage.