China's shipbuilding industry registers strong performance in H1

China's shipbuilding industry saw strong performance in the first six months of 2023, accounting for more than 70 percent of international market shares, said officials on Tuesday.

According to the data released by China's Association of the National Shipbuilding Industry, orders received by the shipbuilding industry for bulk carriers, oil tankers and container ships accounted for 88.4 percent, 74.6 percent and 74.6 percent of the global total, respectively.

According to the association, 75 key shipbuilding enterprises under the monitoring recorded main business income worth 184.6 billion yuan (about 25.87 billion U.S. dollars) in the first half of the year, an increase of 31 percent, with the export value of these companies reaching 11.21 billion U.S. dollars, an increase of 7.7 percent.

Meanwhile, the profit margin of shipbuilding industry enterprises above the designated size reached 4.1 percent, reaching the best level in nearly 10 years.

According to the association, China's research, development and design abilities for different types of ships have significantly improved, and the country has gained the ability to build up all the main ship types in the world.

In 2022, China received the most new orders for 12 among all 18 major ship types in the world.

"China's shipbuilding industry has been developing toward being top-class over the past few years. The production efficiency of China's shipbuilding industry has been enhanced, and some enterprises have been approaching leading level across the world. In addition, the structural transformation of China's shipbuilding products has undergone great changes," said Wu Qiang, executive vice president of China Association of the National Shipbuilding Industry.

Source: CCTV

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