China officially announced its 'Mid-to-long term development plan for offshore facility industry (2011-2020)', led by the Ministry of Industry and Information Technology of China, the National Development and Reform Commission, the Ministry of Science and Technology of China, the State-owned Assets Supervision and Administration Commission of the State Council and the State Oceanic Administration People's Republic of China, on March 22, 2012.
The plan states 10-year program for the development of China's offshore facility fabrication industry, which includes to secure independent engineering and construction facility for deep-sea production facility, create industrial cluster, etc., with an ultimate goal of China becoming the global top in offshore facility fabrication.
Recently, China's offshore industry has developed, with its offshore oil and gas development market having exceeded yearly turnover of CNY 30bn ($4.7bn), accounting for 7% of global market.
The Central People's Government of China has designated offshore facility fabrication as one of key industries of its national strategic industry. The Chinese government considers the next five to ten years as the most important period for offshore industry to grow and is actively promoting its development.
The 'Mid-to-long term development plan for offshore facility industry' includes as such;
Firstly, to expand industrial size up to global level; boosting yearly turnover up to over CNY 200bn and increasing industrial growth rate by 3%p comparing with the end of 2010, particularly offshore oil/gas development market reaching 20% of global shares, by 2015.
Also, by 2020, reaching over CNY 400bn of yearly turnover and increasing industrial growth rate by 3%p, of which offshore oil/gas development accounting for 35%.