Published: 12:56pm, 30 Mar, 2018 Updated: 12:56pm, 30 Mar, 2018
China is believed to be close to merging its two biggest shipbuilders to create a sector giant that will dwarf South Korean rivals. The State Council is believed to have given preliminary approval to the combination of China State Shipbuilding and China Shipbuilding Industry, according to inside sources. The two build commercial and military vessels and generate revenue of CNY508bn ($81bn), double the combined turnover of the world’s three biggest shipbuilders. The companies were founded in 2018 to boost competition among defence firms.