The planned merger between China’s two biggest shipbuilding corporations – the China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC) – will enable the country to achieve further technological advancement, Hu Wenming, the chairman of CSIC has said.
In comments to the state-owned China Securities Journal on 11 August, Hu also stated that the merger will not create a monopoly given the growing capabilities of China’s private-sector shipbuilders. After years of planning, the merger was finally confirmed by the two state-run corporations in July.
A schedule for the merger has not yet been confirmed by the Chinese government, although Hu indicated it could start soon.
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