China's shipbuilding sector retained the top spot in the world in terms of completed shipbuilding volume, new orders and orders on hand in 2024, ranking first globally for 15 consecutive years, industry data showed on Thursday.
In 2024, China's shipbuilding completion volume, new orders, and orders on hand accounted for 55.7 percent, 74.1 percent, and 63.1 percent of the world's total, according to data released by the Ministry of Industry and Information Technology.
Notably, both new orders and orders on hand reached record levels in China's shipbuilding history.
"In 2024, we achieved remarkable results, both in market orders and production management. This demonstrates the strong foundation of China's shipbuilding industry and our collaborative efforts with top global suppliers. It is a collective progress. Therefore, China's shipbuilding industry belongs not only to China but also to the world," said Li Yanqing, secretary general of the China Association of the National Shipbuilding Industry.
The latest figures also show a 13.8-percent increase in completed shipbuilding volume, a 58.8-percent surge in new orders and a 49.7-percent rise in orders on hand year on year in 2024.
Among the 18 major ship types globally, China leads the world in new orders for 14 of them.
Domestic shipyards have exceeded their annual business targets, reflecting a spike in market demand.
"China's overall shipbuilding orders on hand can sustain nearly four years of work, which marks a critical step towards steady development of the sector going forward. Our forecasting models based on annual seaborne trade volume growth suggest that global demand for new ships is between 25 million and 50 million deadweight tonnes, with an overall upward trend," said Li.
China's shipbuilding industry retains top spot globally for 15 consecutive years
China's shipbuilding industry retains top spot globally for 15 consecutive years
China's shipbuilding industry retains top spot globally for 15 consecutive years
China will strengthen fiscal and financial coordination to amplify policy effectiveness, experts said as the draft central and local budgets for 2026 were unveiled on Friday at the ongoing fourth session of the 14th National People's Congress.
According to the draft central and local budgets for 2026, 1.3 trillion yuan (190 billion U.S. dollars) of ultra-long special treasury bonds will be issued to provide continued support for the implementation of major national strategies and security capacity-building in key areas and for large-scale equipment upgrades and consumer goods trade-in programs.
Ultra-long special treasury bonds totaling 800 billion yuan will be allocated to support the implementation of major national strategies and security capacity-building in key areas, and 250 billion yuan in ultra-long special treasury bonds will be earmarked for consumer goods trade-in programs.
The country will refine these programs in terms of their scope and subsidy standards, and continue to support the scrapping and replacement of automobiles, home appliance trade-in schemes, and purchases of new digital and smart products.
China will also set up a 100-billion-yuan fiscal-financial coordination fund to boost domestic demand. The fund will support consumption and private investment through loan interest subsidies, financing guarantee, and risk compensation.
"Fiscal and monetary policies are the two major macroeconomic tools for macro-control, and their coordination is crucial. For instance, fiscal funds primarily serve as a guiding role, while financial institutions provide the capital. When fiscal guidance and financial resources are combined, the synergistic effect creates a result greater than the sum of its parts," said Yang Zhiyong, director of the Chinese Academy of Fiscal Sciences.
"By leveraging interest subsidies, we can mobilize substantial credit from financial institutions, thereby naturally stimulating consumption. The Ministry of Finance, in collaboration with the People's Bank of China, has introduced highly innovative measures, such as providing guarantees for the issuance of corporate bonds by small and medium-sized enterprises (SMEs), and compensating investors for losses. I believe the leveraging effect, making minimal efforts for maximum results, will become even more potent," said Yao Dongmin, director of the Center for China Fiscal Development under the Central University of Finance and Economics.
China's top legislature opened its annual session on Thursday morning at the Great Hall of the People in Beijing, with Chinese President Xi Jinping and other Party and state leaders attending the opening meeting alongside more than 2,700 NPC deputies. This year's NPC session is scheduled to run till March 12.
China to strengthen fiscal, financial coordination to amplify policy effectiveness: experts
