China ship sector plan draws high targets

China Daily quoted a detailed industry stimulus plan issued by the Ministry of Industry and Information Technology has outlined that China expects its shipyards to have 50 million deadweight tons in annual capacity by 2011 and account for at least 35% of the global total by then The government plan noted that the government is keen that hi tech and high value added ships would account for at least 20% of the total number of ships it produces. Domestically made parts, such as middle-speed diesel engines, should account for at least 60% of the total parts in these ships. It also wants to turn the Bohai Bay Rim into a world class shipbuilding base
According to the report, the three year plan revealed that the government would encourage qualified shipyards to float shares and issue corporate bonds to raise funds.