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17.02.24 14:17

Economics

China's shipbuilding industry reports profit growth in 2023

Shipbuilding companies accelerated digital transformation and increased their contribution to technological innovation

China's shipbuilding enterprises posted significant growth in total profits and revenue last year, thanks to improved global competitiveness.

Profits of major shipbuilders rose 131.7 per cent year-on-year to 25.9 billion yuan (US$3,6 billion), while operating revenue was 623.7 billion yuan (US$89,4 billion), up 20 per cent, data from the China National Shipbuilding Industry Association showed.

In 2023, Chinese shipbuilding companies accelerated digital transformation and increased their contribution to technological innovation.

According to Li Yanqing, secretary general of the association, Chinese companies will continue to occupy leading positions, improve ship quality and competitiveness. This is reported by Xinhua News Agency, a partner of the TV BRICS.

Photo: IStock

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Kassym-Jomart Tokayev

President of Kazakhstan

"The volume of direct Russian investments in Kazakhstan's economy has exceeded US$24 billion, of which more than US$4.5 billion has been invested in the last two years alone. Accumulated Kazakhstani investments in the Russian economy have reached an impressive mark of US$8.5 billion"