China is finalizing a $16 billion merger between its two largest state-controlled shipbuilders to create the world’s largest shipbuilding company, China State Shipbuilding Corporation (CSSC). This consolidation aims to strengthen China's position in the global shipbuilding industry amid ongoing rivalry with the United States. Last year, China-built ships accounted for about 55% of global tonnage, while U.S. shipbuilding represented less than 0.05%. The two merged companies previously accounted for 17% of the global market. The move comes as the U.S. seeks ways to re-enter and rebuild its shipbuilding sector, which has lagged behind China’s dominance.