Shanghai intends to become the world's largest shipbuilding base by 2015, the New York Times said. The city has decided to allocate space on Changxing Island in the Yangtze estuary to build a huge new shipyard, replacing many of the yards currently along the Huangpu River. When completed, the new yard will have the capacity to build 12m dwt-worth of ships – four times the current capacity of Shanghai's shipyards.
Development of the shipbuilding industry is seen as part of the city's ambition to become one of the world's premier shipping centres. The Shanghai Port Authority says it handled 5.2m teu in the first half of this year, 36 per cent more than in the same period last year. The full-year figure is expected to rise to more than 10m teu, the third-highest volume in the world.