China's Shipbuilding Industry Sees Rapid Growth

China's shipbuilding industry continues to grow rapidly with shipbuilders getting new orders totaling 16.08 million deadweight tons in the first half of the year, a 113-percent rise over the same period last year, the National Development and Reform Commission (NDRC). The NDRC said shipbuilders hold total orders of 50.92 million deadweight tons in the first half of the year with an increase of 43 percent, accounting for 20 percent of the world's market share. The national Medium-and Long-Term Plan of the Shipbuilding Industry, which was approved in August by the State Council, the country's cabinet, said the industry should accelerate its restructuring and upgrading to become strong enough to drive the growth of related sectors. China's shipbuilding industry saw production reckoned by deadweight tonnage accounting for up to 17 percent of the world market in 2005. The plan stated that China needs to break the bottleneck of insufficient production capacity of auxiliary sectors and develop the ability to independently design high-technology ships and ocean engineering equipment. The plan said the production of the country's shipbuilding industry was expected to take more than 25 percent of the world market. (Source: Xinhua)