China State Shipbuilding Corporation (CSSC) made an important strategic adjustment: It has decided to restructure Shanghai Shipyard, which has a 140-odd years' history in ship-repairing and shipbuilding, and Jiangsu Chengxi Shipyard to form Shanghai Chengxi Shipyard Corporation, which came into existence on June 30.

Once the two shipyards were restructured the annual shipbuilding tonnage would reach 500,000 tons and annual ship-repairing output value would exceed one billion yuan, making the new company No.1 in ship-repairing capability nationwide.

By People's Daily Online