New policy to end that sinking feeling

'Capable shipyards' to receive tax incentives and technical support to develop 'green ocean vessels'

China is taking another round of decisive measures to stabilize the revenue growth of its shipbuilding industry on a solid foothold amid a declining global shipping market, said a government official.

Chen Bin, director-general of the department of industry of China's National Development and Reform Commission, said the Chinese government will offer favorable tax policies and technical assistance to capable shipyards to develop greener ocean vessels, regeneration of aging ships and support new orders of law enforcement and other public service vessels for domestic needs.