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Ship sector plan draws lofty goals

By Zheng Lifei (China Daily)
Updated: 2009-07-10 14:44

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China expects its shipyards to have 50 million deadweight tons (DWT) in annual capacity by 2011 and account for at least 35 percent of the global total by then, a detailed industry stimulus plan issued by the Ministry of Industry and Information Technology (MIIT) has outlined. 

The government is keen that hi-tech and high value-added ships would account for at least 20 percent of the total number of ships it produces. Domestically made parts, such as middle-speed diesel engines, should account for at least 60 percent of the total parts in these ships, the government plan noted. 

It also wants to turn the Bohai Bay Rim into a world-class shipbuilding base, according to the plan. 

The three-year plan revealed that the government would encourage qualified shipyards to float shares and issue corporate bonds to raise funds...