According to a statement on the Website of the Ministry of Industry and Information Technology China will also expand its share in the global ship building industry to at least 35% in 2011 as well as taking a 10% share in the marine equipment market.
China will also encourage the establishment of several marine equipment manufacturing bases.
The State Council has issued a plan which encourages banks to set up trade finance for exporting ships earlier this year.
The central government said in a statement in February that it would ban the setting up of new shipyards for three years and it would support the purchase of domestic vessels.
Shanghai Daily reports that according to statistics from the Ministry of Industry and Information Technology new orders for Chinese shipbuilders sank 95% in the first four months of this year from the same period last year to 990,000 deadweight tons.
A total of 28 vessels with 1.15 million DWT were cancelled in the first four months, compared to 12 cancellations with 250,000 DWT in the first quarter, according to the Association of National Shipbuilding Industry.