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The coming Shanghai Free Trade Zone could be a "game changer" if it fulfills its liberalisation promise, according to the GHK Hong Kong port consultancy CEO Jonathan Beard.

"Carriers have argued it would be beneficial to take cargo from Bohai to Shanghai for transshipment," he told the Trans Pacific Maritime (TPM) Asia conference in Shenzhen.

"That cargo (unless carried by China Shipping or Cosco) has to go to Busan for transshipment. If it is true liberalisation, there will be major growth in transshipment for Shanghai, impacts on Hong Kong and Kaohsiung, and a major impact on Busan, whose growth and expansion has been based on international transshipment," he said.

But Mr Beard said it was unlikely that China would scrap all its cabotage restrictions as few other countries have done so.

Maersk, the world's biggest container Line, has long advocated such liberalisation, claiming their ability to move cargo from the Bohai Bay ports in northeast China to Shanghai would increase Chinese transshipment volumes.

Cosco and China Shipping, the country's biggest carriers, have fought the move, as they enjoy advantages under current cabotage regime.