(Yicai Global) Aug. 6 -- The provincial government of Shandong has set up a new company with CNY10 billion (USD1.4 billion) in registered capital in order to merge the four ports along the region's eastern coast.

The state-owned firm, set up in Qingdao, will combine the ports of Qingdao, Rizhao, Yan Tai and Bohai Bay, the government said after setting up the firm today.

The merger will eliminate disorderly competition and inefficiency in the local port market, it added.

Editor: James Boyton