The Strategist

China creates the world's largest shipbuilding group


11/26/2019 - 08:22



China Shipbuilding Group was established after Beijing approved the merger of the two largest shipbuilding corporations in the country - China Shipbuilding Industry Corp. (CSIC) and China State Shipbuilding Corp. (CSSC).



John Fielding
John Fielding
The total assets of the combined group amount to 790 billion yuan ($ 112 billion), the number of employees is 310 thousand.

The shipbuilder produces a variety of products, from aircraft carriers for the Chinese Navy to vessels for transporting containers, oil and gas for commercial companies.

China's shipbuilding industry competes with the South Korean and Japanese industries.

The merger of CSIC and CSSC has created an industry giant that should outshine major players such as Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. and Samsung Heavy Industries Co.

China seeks to optimize its public sector through mergers and asset restructuring to cope with growing debt and make enterprises more profitable.

source: cctv.com




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