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China State Shipbuilding Corporation

(Redirected from China CSSC Holdings Limited)
"CSSC" redirects here. For a canal in the Chicago metropolitan area, see Chicago Sanitary and Ship Canal.
Not to be confused with CSBC Corporation, Taiwan or China Shipbuilding Industry Corporation.

The China State Shipbuilding Corporation (CSSC) is a Chinese shipbuilding conglomerate.

China State Shipbuilding Corporation Limited
Native name
中国船舶集团有限公司
Company typeState owned
IndustryShipbuilding, defense
Predecessor中国船舶工业总公司 (1982–1999)
中国船舶工业集团有限公司 (1999–2019)
FoundedMay 4, 1982; 42 years ago (1982-05-04) (as 中国船舶工业总公司)
Headquarters
Huangpu District, Shanghai
,
China
Area served
Worldwide
Key people
Zhang Yingdai (Chairman)
RevenueUS$ 48,9 billion (2023)[1]
US$ 2.4 billion (2023)[1]
Total assetsUS$ 143.7 billion (2023)[1]
Number of employees
196,309 (2023)[1]
Websitewww.cssc.net.cn Edit this at Wikidata
China State Shipbuilding Corporation
Simplified Chinese中国船舶工业总公司
Traditional Chinese中國船舶工業總公司
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Chuánbó Gōngyè Zǒng Gōngsī
Alternative Chinese name
Simplified Chinese中船总公司
Traditional Chinese中船总公司
Transcriptions
Standard Mandarin
Hanyu PinyinZhōng Chuán Zǒng Gōngsī
China CSSC Holdings Limited
中国船舶工业股份有限公司
Company typeSubsidiary
IndustryShipbuilding
Founded1998
Headquarters
Shanghai
,
China
Area served
Worldwide
Key people
Dong Qiang (董强) (Chairman)
ParentChina State Shipbuilding Corporation
WebsiteChina CSSC Holdings Limited
China State Shipbuilding Corporation Limited
Simplified Chinese中国船舶工业集团有限公司
Traditional Chinese中國船舶工業集團有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Chuánbó Gōngyè Jítuán Yǒuxiàn Gōngsī
Alternative Chinese name
Simplified Chinese中船工业
Traditional Chinese中船工業
Transcriptions
Standard Mandarin
Hanyu PinyinZhōng Chuán Gōngyè
CSSC gantry cranes in June 2012

Description

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CSSC is one of the top 10 defence groups in China.[2] It consists of various shipyards, equipment manufacturers, research institutes and shipbuilding-related companies that build both civilian and military ships. It owns some of the most well known shipbuilders in China, such as Dalian Shipbuilding Industry Company, Jiangnan Shipyard, Hudong–Zhonghua Shipbuilding, Guangzhou Huangpu Shipbuilding[3] and Guangzhou Wenchong Shipyard.[4] Its subsidiary, China CSSC Holdings Limited (SSE: 600150), is listed on the Shanghai Stock Exchange, and in turn owns other subsidiaries including Shanghai Waigaoqiao Shipbuilding.[5] As of 2024, CSSC builds a third of all ships in the world, making it the world's biggest shipbuilding conglomerate.[6][7] All CSSC ships are built to military specifications, according to Chinese government doctrine.[6]

History

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Early developments

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In 1964, the Sixth Ministry of Machine Building was created[8] to oversee China's shipbuilding enterprises, which were predominantly engaged in military work.[9] In July 1982,[10] as part of defence industry reforms and "defence conversions", the ministry was converted into the China State Shipbuilding Corporation.[9] CSSC remained under state control but was permitted to operate with "a degree of market-based economic autonomy".[11] CSSC shifted the industry's focus to commercial work; by 1992, 80% of output was to the civilian sector,[10] and in 1993 half of the commercial output was for export.[12]

Spinning off CSIC

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In the late 1990s, economic reforms broke up state-owned monopolies and introduced "a limited amount of free-market competition" to improve the efficiency of defence industries.[13][14] In July 1999, the China Shipbuilding Industry Corporation (CSIC) was spun off from CSSC.[14] The shipbuilding industry was divided roughly along geographical lines: CSSC retained assets in the east and south,[15] and CSIC gained control in the northeast and inland.[16] Both reported to the State-owned Assets Supervision and Administration Commission (SASAC).[17] CSSC emerged as the smaller entity.[15][18] Enterprises not affiliated with either conglomerate included shipyards owned by the People's Liberation Army (PLA), provinces, municipalities, foreign joint ventures, and Chinese shipping companies.[17][19]

Merging with CSIC

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Preparations for merging CSIC and CSSC date back to at least 2010, when Hu Wenming became CSSC's party secretary, in anticipation of an industry decline.[20] Hu was a strong supporter of the merger; he was CSSC chairman from 2012 to 2015, and then CSIC chairman from March 2015 until his retirement in August 2019 because of corruption.[21] The decision to merge the conglomerates may have influenced not only by a slowing economy,[22] but also the discovery of widespread corruption in CSIC and Hu's involvement in it.[21][22][23]

The CSIC and CSSC merger was approved by SASAC in October 2019,[24][25] and occurred in November 2019; the combined entity took the CSSC name. The reorganization was complete by September 2020. The new entity was the world's largest shipbuilder with 20% global market share and US$110 billion in assets.[22]

U.S. sanctions

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Further information: United States sanctions against China

In November 2020, American entities were prohibited by U.S. Presidential Executive Order 13959 from owning shares in companies—including CSSC—linked to the PLA by the United States Department of Defense.[26][27][28]

See also

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References

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Citations

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  1. ^ a b c d "China State Shipbuilding Corporation". Fortune Global 500. Fortune. Retrieved 24 August 2024.
  2. ^ Allen-Ebrahimian, Bethany (24 June 2020). "Defense Department produces list of Chinese military-linked companies, 20 years after mandate". Axios. Archived from the original on 25 June 2020. Retrieved 24 June 2020.
  3. ^ "Shipyard – CSSC GUANGZHOU HUANGPU SHIPBUILDING CO., Ltd". Archived from the original on 10 July 2021. Retrieved 10 July 2021.
  4. ^ "Shipyard – Guangzhou Wenchong Shipyard (New Buildings)". Archived from the original on 10 July 2021. Retrieved 10 July 2021.
  5. ^ "About Us". Archived from the original on 25 July 2021. Retrieved 23 October 2019.
  6. ^ a b Waterfield, Bruno (26 December 2022). "Chinese fleet of militarised ships 'a threat to trade'". The Times. ISSN 0140-0460. Archived from the original on 27 February 2023. Retrieved 27 December 2022.
  7. ^ "China's 2 largest shipyards plan to merge to create the world's biggest builder". South China Morning Post. 3 September 2024.
  8. ^ Collins and Grubb, pg. 6
  9. ^ a b Medeiros et al., pg. 113
  10. ^ a b Collins and Grubb, pg. 7
  11. ^ Collins and Grubb, pg. 5
  12. ^ Collins and Grubb, pg. 8
  13. ^ Collins and Grubb, pg. 9–10
  14. ^ a b Medeiros et al., pg. 114
  15. ^ a b Medeiros et al., pg. 117
  16. ^ Medeiros et al., pg. 120
  17. ^ a b Collins and Grubb, pg. 9
  18. ^ Medeiros et al., pg. 121
  19. ^ Medeiros et al., pg. 115–116
  20. ^ Minnie, Chan (26 October 2019). "Merger of China's shipbuilding giants gets the green light". South China Morning Post. Archived from the original on 26 October 2019. Retrieved 6 January 2021.
  21. ^ a b Zi Yang (19 May 2020). "The Invisible Threat to China's Navy: Corruption". The Diplomat. Archived from the original on 26 March 2023. Retrieved 6 January 2021.
  22. ^ a b c Nouwens, Meia (4 September 2020). "Is China's shipbuilding merger on course?". International Institute for Strategic Studies. Archived from the original on 31 January 2023. Retrieved 6 January 2021.
  23. ^ "Ex-Chairman of CSIC Under Investigation for Corruption". The Maritime Executive. Archived from the original on 5 December 2021. Retrieved 18 March 2022.
  24. ^ Watanabe, Shin (26 October 2019). "Top Chinese shipbuilders CSSC and CSIC win approval for merger". Nikkei Asian Review. Dalian, CH. Archived from the original on 15 September 2023. Retrieved 23 June 2020.
  25. ^ "Beijing Gives Green Light for CSSC-CSIC Merger". The Maritime Executive. 25 October 2019. Archived from the original on 16 June 2023. Retrieved 23 June 2020.
  26. ^ Chen, Shawna (12 November 2020). "Trump bans Americans from investing in 31 companies with links to Chinese military". Axios. Archived from the original on 28 October 2021. Retrieved 12 November 2020.
  27. ^ Pamuk, Humeyra; Alper, Alexandra; Ali, Idrees (12 November 2020). "Trump bans U.S. investments in firms linked to Chinese military". Reuters. Archived from the original on 28 October 2021. Retrieved 12 November 2020.
  28. ^ Swanson, Ana (12 November 2020). "Trump Bars Investment in Chinese Firms With Military Ties". The New York Times. ISSN 0362-4331. Archived from the original on 13 November 2020. Retrieved 13 November 2020.

Sources

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