SHANGHAI Jan 12 China aims to capture up to 40
percent of the global high-end marine equipment market over the
years through 2020 while reforming and supporting its
money-losing shipbuilding industry, the government said on
The pledges were laid out in a statement published by six
ministries on the website of the Ministry of Industry and
Information Technology. The statement broadly outlined their
plans for Chinese shipbuilding over 2016-2020.
The global shipping industry is suffering from a severe
downturn that has sapped demand for new vessels. Many shipyards
in China, which build mainly mid-to-low-end vessels such as dry
bulk carriers, have shut down as a result.
In December, the China Association of the National
Shipbuilding Industry said new orders for ships at Chinese yards
fell 14 percent in January-November from the same period a year
"Our shipbuilding industry is facing its most difficult
challenge since financial crisis, making the task to restructure
and upgrade the industry urgent and arduous," the government
said in the statement.
The government said it would encourage the industry to
increase spending on research and focus on building more
high-end products such as offshore equipment with the aim of
cornering 35-40 percent of that market by 2020. It did not
disclose its current market share.
It also said it would improve the branding of its
shipbuilding companies, encourage financial institutions to
support the sector with loans and financing, and attract more
private capital into the industry.
(Reporting by Brenda Goh; Editing by Christopher Cushing)