The local government of the city of Rugao has asked China State Shipbuilding Corp (CSSC)-controlled Shanghai Waigaoqiao Shipbuilding (SWS) to take over China Rongsheng Heavy Industries’ beleaguered shipbuilding business, according to TradeWinds’ sources.
The local authority acted after it became alarmed over deepening financial problems at Rongsheng. The yard is a major employer in the Nantong region and Rugao’s largest shipbuilder, with thousands of workers depending on it for their livelihood.
Hong
