BEIJING (AP) — A group of state-owned Chinese shipping companies have placed a $4.5 billion order for 50 supertankers, throwing a financial lifeline to China’s struggling shipbuilders, a newspaper reported Friday.
The order adds to a multibillion-dollar flurry of investments by state companies in recent weeks — a key element in Beijing’s carefully controlled effort to reverse a painful economic slump. The government has approved a wave of spending on new steel mills, subway lines and other corporate and public works projects.
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