China State Shipbuilding Corporation Limited (CSSC) was officially unveiled in Beijing on Tuesday, becoming the world’s largest ship maker. It will design and manufacture China’s naval armament, including aircraft carriers and nuclear-powered submarines
It now has 147 scientific research institutions, enterprises and listed companies, with total assets of 790 billion yuan ($112.41 billion) and 310,000 employees.
CSSC comes after a long-anticipated merger between two Chinese, state-owned ship-building enterprises (SOEs), the China Shipbuilding Industry Company and the China State Shipbuilding Corporation.
Being able to design and build ships and marine equipment of international technical standards, the new company is expected to lead China in becoming a strong, global shipbuilder.
CSSC has three main aims. One is to become the main force for researching, designing, manufacturing, testing and safeguarding the supply of China’s naval armament, including aircraft carriers and nuclear-powered submarines.
Its second goal is to lead China in following a ship-development path of self-reliance and independent innovation.
Finally, the company is a leader and participant of China’s deepening reform and innovation in SOEs, and looks to establish a competitive industrial development system on a global level.