China becomes world’s third largest shipbuilder

Technological progress has played a key role in the rapid development of China’s shipbuilding industry, said Zhang Guangqin, deputy director of the Commission of Science, Technology and Industry for National Defense at a press conference held by the Information Office of the State Council. China is already capable of designing and building by itself 300,000-ton VLCCs (very large crude carrier) and 8,000 TEU (Twenty-Foot Equipment Unit) container ships and has successfully embarked on the construction of LNG (liquefied natural gas) carrier, breaking the monopoly by some few countries.