China to Cap Foreign Investment in Shipbuilding

China plans to limit foreign investment in the country's ship makers to no more than 49 pct, the Commission of Science Technology & Industry for National Defense said. Foreign investors seeking to form shipbuilding joint ventures in China will also have to set up their own technology centers and transfer their expertise to local partners, the commission said in a website notice. Foreign investment in the country's shipbuilding sector reached 220 mln usd in 2005, up 45 pct from a year ago, state media reported previously. Meanwhile the commission noted that the government wants local shipyards to produce vessels totaling 17 mln dead-weight tons a year by 2010, up from 12.1 mln last year. The target is part of the development plan for the shipbuilding industry for 2006-2015 which was officially released yesterday. (www.forbes.com)