The current Shipbuilding market in China Essay Example | Topics and Well Written Essays - 2000 words

The current Shipbuilding market in China - Essay Example The chief products of the Chinese ship manufacturing consist of large sized carriers and oil tankers. China has 70 shipyards that have the capacity to erect ocean gliding vessels. CSSC and CSIC are the main (Schuster, A M.H 2000).ship constructing giants. By 2005, the ship manufacturing authority; COSTICN announced ambitious schemes for the evolution of the Chinese ship designing industry that, the industry is scheduled to control twenty five percent of the bazaar share in 2010 and ultimately five years later, the projection that China would dominate as the world’s ship constructing nation with respect to tonnages. The contemplations anticipated 24 millions DWT; the analogous control of 35% of the market share. CSSC, the largest shipbuilding category, have committed $ 3.5 billion to enhance a modern shipping base in Chanxing isle of Shanghai. After the accomplishment of CSSC, Changxing would emerge as the leading ship building company world over. Future projections hold the ax iom of thinking that by 2015, three large ship construction centers of the Chinese shipbuilding industry are to be constructed. (Schuster, A M.H 2000). The shipping industry in china is a fundamental monetary domain for China’s very existence. For quite along time, the industry has been the main foreign exchange earner for China. China ship construction entry into the international market commenced in 1978. The industry has proved successful for the last 26 years. On the fourth year of the 21st century, China’s Gross Domestic Product (GDP) was at 1.65 trillions, and as such it was positioned number seven globally, (Hutchins, J.G.B 1941). If rating is anything to go by, then China is the only developing country to feature among the top ten nations globally, in terms of GDP. For the last 25 years, the Chinese economy has maintained a high growth tempo, which is relatively at 9.4 percent per annum. With the impeccable statistics, it is therefore true that China is the