China reveals five-year plan for ship equipment industryChina reveals five-year plan for ship equipment industry

The ship equipment industry action plan will help to support the overall shipping sector in terms of promoting transformation and upgrading, and speeding up the enhancement of equipment quality and capabilities, according to a statement released by MIIT.

By 2020, the five-year plan aims to complete ship-related R&D works, establish worldclass ship design and equipment manufacturing facilities, and control over the design and production of ship engines as well as deck machineries, cabin equipment, and ship communications and navigation systems.

The action plan also seeks to strengthen core technology R&D, carry out quality branding building exercise, and promote the demonstration and application of key components.

The draft 13th Five-Year Plan, released over the weekend, includes growth targets for China’s GDP, and China’s pledged to support Hong Kong in furthering its status as a global financial, trading and shipping hub, among other key issues.