Speeding up structural reform of shipbuilding industry

Since 2012, with trade and the global economy all experiencing a slowdown, the shipping market has struggled to survive.

In response to this challenge, China's State Council has released a plan to speed up the structural reform of the country's ship-building industry.

For many companies in China, technological innovation is needed, along with more research on naval engineering. The plan calls for companies to improve their manufacturing capacity of equipment and materials, as well as enhance their management and services. It also says the industry's structure and productivity must be optimized, through more mergers and restructuring.

The government plan also encourages financial institutions to provide more credit financing to support enterprises as they explore markets abroad.