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. A source with knowledge of the matter said the merger would take place in 2018 or 2019, but it was not clear when exactly this might happen. The companies were founded in 1999 to boost competition among defence firms.