China State Shipbuilding Corporation (CSSC), one of the two largest shipbuilding conglomerates in China, plans to spend RMB 50 billion ($7 billion) on building a 2 km2 cruise ship industrial park in Baoshan District, Shanghai.

The CSSC Cruise Technology Development (CCTD) and district government of
Baoshan signed a cooperation agreement, which states that Baoshan will support the CSSC’s development, establish an investment platform, jointly develop Shanghai CSSC International Cruise Industry Park, and build a global influential cruise headquarters based in Shanghai.

By 2030, the CSSC will own and operate a Chinese-funded fleet consisting of 8-10 cruise ships for different brands that will serve at the Asia-Pacific market.

Shanghai port is the world’s fourth-largest cruise liner port and the largest in Asia. China’s cruise tourism market has great potential, with an average annual growth rate of more than 40% in the past few years, ranking second in the world in 2018. It has received more than 2,000 international cruise ships and over 13 million tourists, which makes it possible to build Shanghai into the world’s largest cruise liner center.