CHONGQING Shipping Exchange (CSE) has signed a strategic cooperation agreement with China Minsheng Banking Corporation (CMBC) on the river shipping sector, Xinhua reports.

According to the agreement, CSE and CMBC will cooperate on the financial services for river shipping, especially the financing for the building of standardized ships for the Yangtze River Three Gorges Dam section. The two sides will also set up organization for mutual insurance for river ship owners.

CSE and CMBC will also work together on the study of transferring non-Three-Gorges-Dam-standard ships from Chongqing to the lower part of the Yangtze River or to the Xijiang River.

The agreement is said to be a further step as exploration into the shipping industry with commercial banks, and to have unveiled business opportunities on the river shipping financial sector.

CSE have introduced a number of measures during recent years to stimulate the development of river shipping including setting up a platform for ship trading and settlement. In 2012, CSE's settlement value reached CNY4 billion (US$661 million). The institution also founded financing guarantee firms to make it easier for small and medium ship owners to seek finance. It also makes important contribution to the standardization of local river ships.