Shipbuilder aims to expand with private capital

China State Shipbuilding Corp said it hopes to fund expansion privately and avoid going to the public capital market. The shipbuilder plans new facilities for Changxing Island in Shanghai and Longxue Island in Guangzhou, which together will treble building capacity to 11 million tonnes by 2008. Explaining the company was well supported by the banks, China State Vice-President Li Zhushi said there were no plans to raise funds in the capital markets. The company aims to be the world's biggest shipbuilder by 2015, when annual production capacity will be 14 million tonnes, if all goes according to plan.