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December 10, 2005

China consolidates Dalian shipyards

China's largest shipbuilding company has been created, reports China Radio International.

Dalian Shipbuilding Industry (Group) Co. Ltd. has been formed by a consolidation of two state-owned shipyards in Dalian-- the Dalian Shipyard and Dalian New Shipyard. The China Shipbuilding Industry Corp, a central government-controlled conglomerate, is the biggest shareholder of the new company, controlling 75.85 percent.

"We aim to make the new company a leader in China's shipbuilding industry amid intense competition from international and domestic rivals," Sun Bo, chairman of the Dalian Shipbuilding Industry, is quoted as saying by China Daily.

The company's shipbuilding capacity will reach 2.66 million deadweight tons next year and increase to 6 million tons by 2010 and to 8.5 million by 2020.

Actual output will top 2 million tons next year and grow to 5 million by 2010 and to 7.4 million by 2010.

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