Chinese government is planning to implement a policy to support shipbuilding and related industries which have confronted with a big difficulty due to a global market recession.

According to news from China Securities Journal, many of government ministries of China are planning to release the action plan in shipbuilding industry for the latter three years of China’s 12th five-year development plan. They will carry out a policy in order to aid major shipbuilders and related corporations in the range of finance, tax revenue and banking. Moreover, with additional support for R&D, they will actively help domestic companies in advancing into high value, eco-friendly technology and offshore sectors.

Chinese government has decided to provide funds for offshore policy in the future and China's market share in offshore oil development is expected to rise that the marine development will become more important. Furthermore, the number of offshore facility is not that many and when considering its lifespan, new orders for offshore facility and replacement demand will sharply increase, according to China Securities Journal.

Meanwhile, according to the plan, soon to be released, first of all, financial support will be expanded for shipbuilding and related industries, financing sum of credit loan for ship exports is also to increase, and development for major products of special ships and low-speed diesel engine, including offshore facilities, product/chemical tankers and etc., will be further accelerated with overall competitiveness to be enhanced.

Secondly, the barrier to entry into shipbuilding industry will strengthen and acquisitions and mergers among corporations will be encouraged, with an optimization effort for shipbuilding industry and its infrastructures.

As for the third plan, it contains content regarding a provision of shipbuilding industry cluster through boosting ship equipment industry.

The fourth target under the plan is that a shipbuilding corporations’ modernization model is to be established and an innovation will be realized in design, production, and management styles of ship products. Moreover, Lead Time is planned to be shortened with an improved level in safety and clean production.

Lastly, under the fifth plan, a long-term development will be sought to build an ability to construct advanced vessels.

Source from asiasis