February 09, 2009

China Shipbuilders Want Bailout

The National Development and Reform Commission has readied a bailout for Chinese shipbuilders that is before the State Council in Beijing. According to varying reports from the China Association of National Shipbuilding Industry shipbuilding orders have plummeted since the second half of 2008 by some metrics down almost 100%. The industry saw tremendous expansion over the last few years and now - according to the bailout plan - plans consolidation. The bailouts of Chinese industrial sectors seem to have as their focus the creation of two to three solid 'brand' companies, part of Beijing's desire to have an American style economic oligarchy with Chinese characteristics...

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