August 12, 2003
CSSC General Manager Chen Xiaojin said the new shipyard would be built on Changxing Island, off Shanghai. The water frontage will be longer than the total length of all major shipyards in Shanghai and is expected to be the world's longest.
Chen said the new shipyard will need an investment of around $2.4 billion to $3.6 billion.Chen said all sources of capitals would be welcomed to participate in the construction of the yard, including domestic private capital and overseas investment.
The giant yard will be completed within eight to ten years from the construction of the cofferdam in November.
The new yard will help increase Shanghai's shipbuilding capacity from the current three million tons to 12 million tons in2015.
With increased shipbuilding capacity in 2015, the new shipyard would also help boost relevant industries like steel and engine manufacture, and create job opportunities for more than 700,00 people, said Chen.