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China Rises As Largest Shipbuilder

State media Huanqiu issued a report quoting a U.S. source that China has currently replaced South Korea as the leader in the world shipbuilding industry. 

The report claims that the China shipbuilders, with orders as high as 54.96 million CGT, have surpassed the 53.63 million GCT of South Korea and grabbed 34.7% of the world market. In recent years, China was said to have invested a huge amount of money and manpower to expand its commercial shipbuilding industry, so as to build up its warship capacity. 
The report also pointed out that China is still falling behind in electronic, mechanic, and weaponry systems that are necessary for building warships. [Ed" Chinascope cannot locate the original U.S. source, mentioned in the report as “Global Strategy Net”] 

Source: Huanqiu, November 20, 2009