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China launches seventh offshore engineering exhibition

China Maritime (CM) is the seventh International Offshore Engineering Technology & Equipment Exhibition and will be held on March 20-22, 2017 at New China International Exhibition Center in Beijing. It will be held concurrently with the 17th China International Petroleum & Petrochemical Technology and Equipment Exhibition.
In recent years, the Chinese government is increasing support for maritime exhibitions especially after Chinese President Xi Jinping proposed the “One Belt, One Road” Initiative. This was echoed by Chinese Premier, Li Keqiang, who called on the construction of a maritime silk road linking China and the ASEAN countries to stimulate hinterland development.
Leveraging the global vision of Beijing, CM aims to promote global cooperation on maritime technologies and equipment and help enterprises generate social benefits and build itself into a high-end exhibition in the maritime industry. It has an exhibition area of 100,000m2, and will attract approximately 100,000 visitors and 2,000 exhibitors from around 65 countries and regions, among which 46 were Fortune 500 enterprises.
China is strengthening its efforts to develop the maritime industry. For the next five years, the global demand for maritime engineering equipment is estimated to be worth $60-75 billion, and China is going to invest RMB 250-300 billion or $36.9-44.2 billion in maritime engineering equipment manufacturing during the 13th Five-Year Plan (2016-2020).
The newbuilding order size experienced a sharp decline globally in the second half of 2016. Nevertheless, the Chinese market performed well with its newbuilding market share rising to 50.5 per cent from 47.9 per cent in 2013. Meanwhile, it signed orders for 31 sets of offshore engineering equipment and 149 offshore engineering vessels, worth a total of $14.76 billion and accounting for 35.2 per cent of the global market.

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