China to boost ship production to 50 mln tonnes in 2011

China, the world’s top ship builder, aims to boost production to 50 million tonnes in 2011, according to a detailed plan aimed at supporting the domestic ship building industry.

The country also plans to expand its share in the global shipbuilding industry to more than 35 percent in 2011, said the plan issued late Tuesday on the government’s main website, China’s shipping industry, which is gradually taking market share from its Asian neighbours, is facing a difficult time this year as shrinking orders exacerbate overcapacity problems, state media have said.The country’s State Council, or cabinet, has said it encourages financial institutions to expand their credit for purchasers of exported ships, and will extend fiscal and financial support for domestic buyers of long-range ships until 2012.

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