China on 26 November, formally established China Shipbuilding Group, which the country’s government-run broadcaster described as the world’s largest shipbuilder group. It is the result of the merger between China’s two leading shipbuilding companies China Shipbuilding Industry Company (CSIC) and China State Shipbuilding Corporation (CSSC).
The announcement of the establishment was reported by China Central Television (CCTV), after last month at Beijing the approved merger of the country’s two largest shipbuilders, China State Shipbuilding Corp and China Shipbuilding Industry Co was held.
The new group shares a vision to become the apex centre for researching, designing, manufacturing, testing and safeguarding the supply of China's naval armament, to be the main force of the nation’s shipbuilding industry development and to be the prime leader in opening up and reformation of the state-owned companies, to promote high quality development of shipbuilding industry with strong international competitive advantage.
On the occasion, Hao Peng the Chairman of the State-owned Assets Supervision and Administration Commission (SASAC), pointed out that the creation of China Shipbuilding Corporation is a method to enhance the competitiveness of the domestic shipbuilding industry, to cater to the development of the national defense technology industry and reform state-owned enterprises. The new shipbuilder has 147 research institutes, business units and listed companies, with total assets of CNY 790 billion (USD 112.2 billion) and about 310,000 employees.