Li Yanqing, executive vice-president and secretary general of the China Association of the National Shipbuilding Industry (Cansi), discusses the impact of US trade policies, global market cycles and China’s strategic pivot towards high-quality manufacturing.

As a shipbuilding veteran who also serves as chairman of the ISO/TC 8 ships and marine technology committee, which oversees international standardisation for shipbuilding and marine operations, Li is a prominent voice for China’s industry on the global stage.

The United States has its own road map, and the Chinese shipbuilding industry has no objection to the US revitalising its own sector.

However, from a professional standpoint, if anyone believes that investment alone can resurrect an entire industry, they may need a refresher course in the fundamentals of industrial economics.

According to traditional industrial economic theory, the rise and fall of shipbuilding are driven by three key factors: capital, labour and technological innovation. It is important to note that innovation can yield results only when built upon a solid foundation of capital and labour.