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By Huang Rong and Zhao Runhua / Jun 26, 2019 03:45 PM / Business & Tech

A worker moves imported fresh meat in a refrigerated warehouse in Tianjin, on Jan. 26, 2013. Photo: VCG

A worker moves imported fresh meat in a refrigerated warehouse in Tianjin, on Jan. 26, 2013. Photo: VCG

Japanese conglomerate Marubeni Corp. will set up a refrigerated transport joint venture with G7, a Chinese logistics management platform, the companies announced Tuesday.

G7, which uses internet-of-things technology to track and dispatch delivery vehicles, will jointly set up Jihong Finance Leasing with Marubeni to lease refrigerated trailers in China and provide financial services related to cold-chain transport. Marubeni will provide the capital and fleet management services, while G7 will conduct research and development on the trailers and operate the fleet, G7 said.

Marubeni said it hopes to tap China’s potential as a cold-chain transport market. Only 50% of China’s aquaculture products — such as fish and seafood — are currently delivered by refrigerated transportation, compared to over 95% in developed markets like Europe and Japan, a Marubeni executive told Caixin.

The joint venture will be based in Tianjin, a port city near Beijing. Tianjin is a key transportation hub and is close to key agricultural commodity trading markets in northern China.

Chinese consumers’ increasing demand for fresh food will lead to nearly 20% annual growth in local cold-chain markets, Marubeni said.

Related: Japanese Companies Should Tap Into China’s Opening-Up Policy: Zhou Xiaochuan

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