China's shipbuilding industry continued to lead globally in the first three quarters of 2022, with the biggest international market share in terms of output and new and holding orders.

The country's shipbuilding output reached 27.8 million deadweight tonnes in the period, accounting for 45.9% of the total globally, according to state media reports, citing data from China's Ministry of Industry and Information Technology.

It added that new orders in China's shipbuilding sector took up 53.6% of the overall orders globally, while its holding shipbuilding orders accounted for 48% of the global total.

In the same period, the industrial output of the country's 75 key shipbuilding enterprises totalled 291.3 billion yuan (about US$40.59 billion), according to the China Association of the National Shipbuilding Industry.

Xinhua said in its report that these firms raked in 3.22 billion yuan of revenue in the first three quarters, up 220.9% from the same period last year.