China shipbuilder expects to enter world top 500

BEIJING -- China Shipbuilding Industry Corporation (CSIC), one of the country's largest shipbuilders, said it strives to rank among the global top 500 by 2015.

Li Changyin, general manager of CSIS, said the company now held shipbuilding orders with more than 260 million tons, up 84 percent year-on-year. Major ship factories had been fully scheduled until 2010.

Latest statistics showed that the company's total revenue reached 87.1 billion yuan (12.2 billion U.S. dollars) in 2007, while the revenue from main business and the profit stood at 80.6 billion yuan and five billion yuan, respectively, all sharply increased.

CSIC also said it would finish shipbuilding and repair bases in eastern Qingdao and northeastern Dalian by the end of 2008, and initiate several other major construction projects this year.

According to company plan, the total revenue and main business revenue would both top 100 billion yuan in 2008.