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China Says Shipbuilding Capacity To Outstrip Demand by 2010 |
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Monday, 09 July 2007 08:51 |
Chinese officials today expressed concern that the country will have significant excess ship-building capacity. China Daily reports that China's shipbuilding capacity will exceed 40 million tons per year by 2010, when worldwide demand for ships will not exceed 70 million tons. China is the third-largest producer of new ships, behind Japan and South Korea.
While all shipyards in China are currently working at full capacity,
the number of new shipyards under construction will push capacity 45
million tons beyond demand. The Chinese government owns 60 percent of
the ship building capacity in China. The country currently meets 19
percent of the worldwide demand for ships.
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