China's shipbuilding industry reports surging profits in 2023

BEIJING -- China's shipbuilding businesses posted significant increases in combined profits and revenue last year with improving global competitiveness.

The major shipbuilders profits surged 131.7 percent year-on-year to 25.9 billion yuan ($3.64 billion) and their main business revenue stood at 623.7 billion yuan, up 20 percent, data from the China Association of the National Shipbuilding Industry showed.

In 2023, Chinese shipbuilding companies accelerated digital transformation and stepped up its input in technological innovation.

Multiple companies were in the global top 10 lists in terms of output, new orders and holding orders, and China State Shipbuilding Corporation ranked the first globally in all major shipbuilding indexes.

Chinese companies will further give play to the leading position and improve high-quality development and competitiveness, said Li Yanqing, secretary general of the association.