China Ocean Shipping (Group) Company, the country's largest shipping firm, invested 2 billion yuan (243 million US dollars) in a major ship repair base in a coastal city of east China's Zhejiang province.

Located in Zhoushan, the repair base was established this year when the shipping giant consolidated its repair resources from Dalian, Nantong and Guangzhou and other areas for unified management in 2001, sources with the company said.

The repair base will become the biggest in the country and one of the world's first-grade repair centers, said the sources.

China Ocean Shipping (Group) Company is the biggest shipping firm in the world.

China's ship-building business has been expanding rapidly in recent years because of the country's abundant labor resources and improved market competitiveness.