Shipbuilding – China Hopeful to Double Output

Shipbuilding industry in China has growth potential, may double in 4-years

China's shipbuilding industry may double its scale in the next four years on growth potential in sea transport and marine economy, and Shanghai is expected to play a big role toward meeting the goal.

By the end of 2015, the market size of shipbuilders and marine equipment makers may hit 1.2 trillion yuan (US$190 billion) with the value of exports touching US$80 billion, the Ministry of Industry and Information Technology said yesterday when it released a guideline of the 12th Five-Year Plan for the shipping industry.

Chinese shipyards may take up at least five spots among the world's top 10 shipbuilders and the country's 10 biggest domestic shipbuilders may contribute more than 70 percent of the total output.

Shanghai is expected to become the center of one of the three key shipbuilding and marine engineering manufacturing locations, further strengthening its position after the State Council announced in 2009 its aim of turning the city into an international shipping hub by 2020.

The Yangtze River Delta region where Shanghai is located, the Bohai Bay Delta and the Pearl River Delta regions will become the three key manufacturing sites for ships.