The state-owned China Shipbuilding Co (中船) is trying to sublet contracts to Chinese contractors and find NT$14 billion (US$421.68 million ) to close a financial gap in its budget this year, according to its newly appointed chairman, Hsu Chiang (徐強).
Hsu said the top priority of his debt-laden company is to keep afloat financially.
He brushed aside questions whether it would be possible to farm out part of China Shipbuilding's work to Chinese contractors, saying that changes are afoot, and "we should not give up attempts to explore every possibility."
Hsu said his company will find Chinese contractors very soon as long as it gets the government's go-ahead, because subletting works is easier than starting joint ventures.
The company hopes to cut costs by outsourcing manufacturing of low-tech items to China.
The company has managed to narrow its financial gap for this year from NT$18 billion (US$542.16 million) to NT$14 billion, thanks to the efforts of all workers, Hsu said.
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