china has rescue plan for shipyards!

Jan 21 Beijing: Shipbuilding has been identitfied as one of 10 pillar industries that the State Council will pump urgent cash into in order to stave off disaster, local media has reported. China has made plain its aims to be the largest shipbuilder by 2015 – a huge raft of new yards stand testament to that pledge. However, since the third quarter of last year the nation’s shipbuilders have been hit hard by countless order cancellations in the wake of the global financial crisis. \"Since November last year, the State Council has identified 10 industries including steel, vehicle and shipbuilding sectors, as targets of the upcoming rejuvenating programme,\" said an executive from China State Shipbuilding Corp yesterday. \"We have been expecting the measures to come sooner or later.\" The draft of the rescue plan for the shipbuilding industry had been completed by the National Development and Reform Commission and would be rolled out shortly before or after the Lunar New Year, the National Business Daily reported yesterday. Essentially, it appears that the state owned shipping lines will be forced to prop up the yards, pledging further orders to pick up the international slack. The Export-Import Bank of China is also likely to kick in extra cash to yards

There are a lot of property companies who ventured into shipbuilding in 2007/2008 funded by their profits in the core business. Was told that some of these yards that were built, were state-of-the-art shipyards, more impressive than the Japanese and the Korean yards. But as orders declined, the customers turned to the more trusty Japanese and Korean yards, instead of trying their luck with the Chinese... Maybe COSCO or Yangzijiang would be trying their luck on some of these yards. :laugh: :laugh:

maybe the Chinese navy wants to order more aircraft carriers to counter the piracy!!! LOLXXX