China officially announced the launch of the “China Shipbuilding Group”, which the country’s state broadcaster commented as the world’s largest shipbuilder, as Reuters reports.
Specifically, the launch of the group was firstly reported by the China Central Teelvision (CCTV).
The establishment of the group follows the country’s green light in October, which gave the pass for the merger between the country’s two largest shipbuilders, China State Shipbuilding Corp and China Shipbuilding Industry Co.
From what is was stated, the group includes 147 institutes, business units and listed firms, as well as total assets of 790 billion yuan ($112 billion) and 310,000 workers. Its products range from aircraft carriers to commercial ships that carry oil and gas.
Overall, China’s shipbuilding industry has been competing from the past with the sectors of South Korea and Japan.
