China formally established the China Shipbuilding Group, the world’s largest shipbuilding group, reported CCTV.
China Shipbuilding Group was created after last month, Beijing approved the merger of the two largest shipbuilding corporations in the country – China Shipbuilding Industry Corp. (CSIC) and China State Shipbuilding Corp. (CSSC).
The total assets of the consolidated group amount to 790 billion yuan ($112 billion), the number of employees is 310 thousand
Shipbuilder produces a variety of products, from aircraft carriers to naval forces of China to vessels for transportation of containers, oil and gas for companies.
Shipbuilding industry China is competing with the industry of South Korea and Japan.
The merger of the CSIC and CSSC helped to create a giant industry, which needs to outshine the major players such as Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co.
China aims to streamline its public sector through mergers and assets restructuring, to cope with growing debt and make the company more profitable.