China's Ministry of Industry and Information Technology (MIIT) recently made targets of shipbuilding engineering companies for its 12th five-year development plan.
Added to its previous goal of industrial consolidation and technology improvement, MIIT presented more specific target figures. China's major 10 shipbuilders to take over 70% of China's overall delivery and reach over CNY 200bn of revenue and 20% of global market share in offshore facility market.
The 12th five-year development plan for shipbuilding engineering include ▲technology improvement, ▲industrial consolidation, ▲efficiency/proficiency improvement and ▲growth in marine engineering and equipment.
It aims to enhance technology for high-value vessels or offshore facilities in compliance with international regulations.
With targeted revenue of CNY 1.2trn and export of over $80bn from shipbuilding-related companies by 2015, it would firmly establish Bohai, ChangJiang and ZhuJiang as three delta regions for global shipbuilding industry hubs.
Also, to enhance productivity and efficiency, it aims to improve annual average of labor productivity by 15% through IT modernization.
In case of shipbuilding-related engineering and equipment, it targeted overall turnover of CNY 300bn and over 80% of local contents.
Meanwhile, MIIT would provide preferential financing, tax reform, etc., to achieve the targets.