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Boost for ship-building industry

CHINA will support plans to allow qualified shipbuilders to list their shares and issue bonds to boost the industry, the country's industry regulators said.

China will also expand its share in the global ship building industry to at least 35 percent in 2011 as well as taking a 10 percent share in the marine equipment market, according to a statement on the Website of the Ministry of Industry and Information Technology.

China will also encourage the establishment of several marine equipment manufacturing bases.

The State Council has issued a plan which encourages banks to set up trade finance for exporting ships earlier this year.

The central government said in a statement in February that it would ban the setting up of new shipyards for three years and it would support the purchase of domestic vessels.

New orders for Chinese shipbuilders sank 95 percent in the first four months of this year from the same period last year to 990,000 deadweight tons, according to statistics from the Ministry of Industry and Information Technology. A total of 28 vessels with 1.15 million DWT were cancelled in the first four months, compared to 12 cancellations with 250,000 DWT in the first quarter, according to the Association of National Shipbuilding Industry.

"The Ministry of Industry and Information Technology is working on specific measures concerning shipping loans with the central bank and the Export-Import Bank of China," Shanghai Securities News quoted an official close to the matter as saying.


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