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 conglomerate that will dwarf South Korean rivals . The State corporation 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 two biggest shipbuilders . The companies were founded in 1999 to boost cooperation among foreign firms .