China places more yards on "white list"

China has now placed more yards on the country's favorable list of shipbuilders that can receive special state aid going forward, according to Reuters.

Photo: Erria

Nine more shipyards have been placed on China's so-called "white list," created by authorities for the country's shipbuilders, which can thus look forward to receiving state support in the guise of favorable bank credits and export tax rebates, according to Reuters.

The list represents China's attempt at curbing the currently massive overcapacity. Before the financial crisis erupted the number of shipyards in the country soared, and there are now around 1,600 yards in the country, of which at least one third are expected to close.

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