CSIS said while there is limited transparency on the flow of foreign capital in China's shipbuilding industry, "available evidence indicates that profits from foreign orders are likely lowering the costs of upgrading China's navy."
The imagery "suggests there is direct sharing of resources between military and civilian operations at China's key shipyards," CSIS said.
"We believe the civil commercial ship building activities have nothing to do with national naval projects," it said, adding that it discloses information about its orders to investors and authorities.
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