China leads 2017 global shipbuilding industry

China ranked first in three indices measuring the development and the capacity of a country’s shipbuilding industry in 2017, official data showed.

China’s completion rate of ships reached 41.9 percent of the global total, according to the Ministry of Industry and Information Technology (MIIT).

The country also had 45.5 percent of global new orders and 44.6 percent of holding orders, said the MIIT.

The three indices showed that China is consolidating its status as the world’s leading shipbuilding nation, said Luo Wen, vice minister of the MIIT.

From the 1950s to the beginning of the 21st century, the three indices were topped by Japan or the Republic of Korea (ROK). In 2010, China exceeded the ROK and ranked first in the world. The record was held for years until China was surpassed by the ROK in the index for completion of ships in 2016 and ranked second overall.

The three indices reflected an improvement in the quality of China’s shipbuilding industry, said Guo Dacheng, chairman of the China Association of the National Shipbuilding Industry.

He said shipbuilders in China have been developing not only high-value-added products but also advanced customization services for customers.