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China approves merger of shipbuilding giants

28 October 2019
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China's State Council has approved the merger of its two state-owned shipbuilding enterprises: the China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC).

China's Assets Supervision and Administration Commission of the State Council (SASAC) announced on 25 October that the merger, which was agreed in principle by the two groups in July, had received necessary approvals from the State Council and that CSIC and CSSC will now implement "joint restructuring".

SASAC gave no additional details but the merger is expected to be completed in the first half of 2020. Reports in China said the two merged enterprises will be named China Shipbuilding Group Corporation and will be led primarily by executives from CSSC.

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