Shanghai Shipyard gets support from China Development Bank

Shanghai Shipyard, subsidiary of China State Shipbuilding Corporation (CSSC), will collaborate with the state-owned bank over a range of financial products.

The shipyard is also set to benefit from developments in equipment manufacturing and infrastructure from the cooperation.

China’s shipbuilding industry is going through a severe recession as many shipbuilding enterprises have gone bust, but state-owned yards have been receiving financial support from the government to tide through the downturn.