In November 2004, Changxing shipbuilding base construction item was approved by government came with a total investment RMB 11.84 billion ($1.43 billion in US dollar) in which RMB 9.3 billion ($1.12 billion) was fixed assets investment. The construction item included 4 large shipbuilding docks with a shipbuilding capacity of 4.5million tons annually. Changxing civil construction item is the first major item that was approved by government in recent years in China shipbuilding industry.
In 2004, the amount of items that are either under constructions or new was approximately 60, anticipated to complete fixed assets investment RMB1.5 billion ($181 million). At present, 5 phrase tasks of Shanghai Changxing shipbuilding base were finished, supply wharf will be completed in the middle of 2005, fitting-out berth started to build as well. Cofferdam of Guangzhou Longxue shipbuilding base started from September 25th, 2004. Shanghai Lingang diesel engine manufacture item was already approved the technology examination, now it’s under the financial process. Shanghai Chongming island shipbuilding and shiprepair base have owned the shipbuilding capacity of 300,000 tons annually since August 2004.