China ups Shipbuilding Financing

Source:Asiasis
2012.03.15
882

Troubled shipbuilding industry in China count on the Chinese government's direct financial support, saying that shipbuilders are pressured by financial difficulty with diversified payment system which would attract ship owners. 
The Ministry of Industry and Information Technology of China (MIIT)'s recently reported '12th five-year economic development plan for ship engineering' notes that Chinese government would put more investment on science technology and develop mainly shipbuilding, ship repair, marine equipment and offshore facility industries with financing system.
In particular, the plan covers that the government would make shipbuilder-friendly financial product and service in cooperation with financial institutes and expand financing for shipbuilding-related companies.
Chinese shipbuilding industry player said that specific policy regarding exchange rate would be needed, such as using one currency in loan and repayment, etc.

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