China produces more cargo ships than all the countries in the world combined. Such data was recalled by Foreign Policy magazine, discussing the lag of the US in the shipbuilding industry.
The publication cites statistics according to which this industry in the US now accounts for 1% of the world, and in China - more than 50%. Over the past year, Beijing has shown a 12% increase in shipbuilding.
The magazine believes that China's goal is to build supply chains that are resistant to possible Western sanctions, as 80% of world trade is carried out by sea.
Beijing is generously funding shipbuilding projects. At the same time, the production of ships is almost completely localized.
It will be difficult for Western economies to respond to China's dominance in shipbuilding, as their shipyards compete with each other and cannot achieve the concentration of resources as in the PRC, according to Foreign Policy.
