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The Shipyards of Shanghai

A labourer works on a section of a vessel which is under construction at the Waigaoqiao shipyard in Shanghai. (REUTERS/Carlos Barria)

The Shipyards of Shanghai

China laid out a detailed three-year plan in early August to restructure its massive shipbuilding industry, urging local governments to halt approvals of new projects and companies to build high-tech vessels. While state-owned and better quality private shipyards now have enough construction orders to keep busy into 2015 or 2016, the future looks grim for the rest, many of whom have already run out of work.