China unveils shipbuilding stimulus plan

Beijing unveiled a stimulus plan to help domestic shipbuilders ride out the global financial crisis by encouraging eligible firms to list and sell bonds, and by hastening the establishment of shipbuilding-focused investment funds.

Under the three-year stimulus plan, the government will ask financial institutions to give credit support to shipbuilders affected by delayed orders and to extend loans to international buyers of locally built ships, a statement on the Ministry of Industry and Information Technology’s Web site said.