China to increase focus on marine engineering equipment manufacture

China's Strategic Emerging Industries Development Planning for the country's 12th five-year plan period (2011-15) has entered its committee meeting stage. Accordingly, within the scope of China's plans for its strategic emerging industries, domestic production marine engineering equipment is expected to meet over 60 percent of domestic market demand for the equipment in question by 2015.
 
In China, with the increasing investment in offshore resources such as oil and gas, it is expected that the domestic market for marine engineering equipment is likely to be worth over $50 billion per year.