China to expand shipbuilding industry

China's shipbuilding capacity will grow to 23 million tons by 2010 and 27 million tons by 2015, said Zhang Guobao, an official at the National Development and Reform Commission (NDRC), at an international shipping conference, Asia Pulse reported. Zhang also announced the construction of a number of large-scale shipyards along the coast including Shanghai Changxing, Qingdao Haixiwan, Guangzhou Longxue and
Dalian. China produced 19% of the world's ships in deadweight tonnage in 2006. The number of orders in the first half of 2007 rose 165% from the first half of 2006, representing 42% of the world's production during that period. Last year, the shipbuilding industry's profits grew by 151% from 2005 to US$1.3 billion.