Excerpt from Alliance for American Manufacturing Blog: https://www.americanmanufacturing.org/blog/chinas-sea-power-grows-as-u-s-shipyards-erode/
For nearly three decades, China has thrown its shipyards into overdrive, producing a huge overcapacity in the global market that has forced U.S. shipyards into closure, eliminated tens of thousands of valuable community-supporting jobs, and burdened our nation’s economy. And China isn’t losing any steam as the years go on. Its industrial targets “have become more aggressive and sophisticated over the years,” the USTR report states.
Beijing initially aimed to control 20% of the global market share for its high-technology ships by 2011, but its current goal is to achieve 50% global market share by 2025, according to the USTR. Similarly, China initially targeted 10% global market share for maritime engineering equipment by 2011, but now pursues 40% market share by 2025.
China’s shipbuilding dominance is a clear threat to American workers and our economic success, but it also threatens our national security. In strengthening its commercial shipyards, Beijing significantly enhances its ability to produce more vessels and higher-tech vessels for its navy, a key tenet of China’s Military-Civil Fusion (MCF) strategy."
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