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China's Shipbuilding Giant Reduces Losses
China Shipbuilding Industry Corporation (CSIC) produced an industrial output of 11.8 billion yuan in 2000, up 9 percent on an annual basis, to reduce its losses by over 300 million, CSIC president Huang Pingtao announced Thursday.
The company received orders valued 25.7 billion yuan last year, an increase of 102.4 percent, including shipbuilding orders worth 18.5 billion yuan and ship-repair orders worth 1.23 billion yuan, both doubling the orders in 1999, Huang told the corporation's annual working conference.
According to Huang, CSIC has significantly raised its market share over the past year, and currently it holds shipbuilding orders of 3.46 million tons, valued 29.3 billion yuan.
The CSIC, founded in 1999 and one of China's top two shipbuilding giants, also is the country's biggest enterprise for building military and civilian vessels, as well as maritime projects. It has 170,000 employees.
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