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January 13, 2017

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Shipbuilding to be boosted in 5-year plan

CHINA aims to account for 35 percent of the global ocean engineering equipment market and to take up 40 percent of the shipbuilding market worldwide by 2020.

The Ministry of Industry and Information Technology announced the targets yesterday in a 13th Five-Year (2016-2020) Plan for the industry

Shipbuilders need to “take up more than 2.5 percent of their revenue” for investment in research and development, the ministry said.

The national plan envisages higher domestic production so that 60 percent of the equipment for advanced ships and 40 percent for advanced ocean engineering are home produced to cut reliance on foreign technology and enhance competitiveness among major shipbuilders.

Over the first 11 months of last year, China built ships with a total carrying capacity of 31.8 million tons, a drop of 12.1 percent from a year ago, while shipbuilding orders sink 14 percent measured by carrying capacity.

The ministry also said 70 percent of the domestic capacity should be contributed by the 10 largest shipbuilding companies.


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