China do have a large fleet in international trade, some of which belong to partly Government owned companies.
Are they any more subsidized than US ships in international trade?? I don’t know. Maybe we should ask APL, Maersk, Hapag-Lloyd, Wilhelmsen and the other foreign companies that run ships under US flag.
They should know, unless they operate with a loss out of their good hearth??
Hong Kong may be the nearest, but they are part of China.