The giant corporation was created through the merger of China State Shipbuilding Corp and China Shipbuilding Industry Corp, the country's two biggest shipbuilders by production capacity.
The new company has about 310,000 employees, 147 subsidiaries including manufacturing complexes nationwide and 35 institutes as well as total assets of 790 billion yuan . Major military hardware deployed by the People's Liberation Army Navy, such as aircraft carriers and submarines, were designed and built by subsidiaries of the company, according to a statement published by the conglomerate on Tuesday.
"China Shipbuilding Corp will uphold national strategies about building strong marine and manufacturing industries, boosting science and technology, developing the military into a world-class force and transforming the company itself into a top-tier enterprise," the statement said.
"It is also important for the growth of the country's defence technology industry as well as the reform and development of State-owned enterprises," the chairman said, adding that the new company will have better resources, a higher level in science and technology and a stronger capability to compete in domestic and international markets.
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