The China State Shipbuilding Corporation (CSSC) announced Tuesday that it will build a new shipyard with an eight-kilometer water frontage in Shanghai, which will be the largest shipyard in the world.
CSSC General Manager Chen Xiaojin said the new shipyard would be built on Changxing Island, off Shanghai.
The water frontage will be longer than the total length of all major shipyards in Shanghai and is expected to be the world's longest.
Chen said the new shipyard will need an investment of around 20to 30 billion yuan (about 2.4 to 3.6 billion US dollars), and will be accomplished in eight to ten years from the construction of the cofferdam in November.
Chen said all sources of capitals would be welcomed to participate in the construction of the shipyard, including domestic private capital and overseas investment.
The new shipyard would help increase Shanghai's shipbuilding capacity from the current three million tons to 12 million tons in2015.
With increased shipbuilding capacity in 2015, the new shipyard would also help boost relevant industries like steel and engine manufacture, and create job opportunities for more than 700,00 people, said Chen.