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The China Shipbuilding Industry Corporation (CSIC) is one of the two largest shipbuilding conglomerates in China, the other being the China State Shipbuilding Corporation (CSSC). It was formed by the Government of the People's Republic of China on 1 July 1999 from companies spun off from CSSC and is 100% owned by SASAC. The main business scope of CSIC includes: management of all the state-owned assets of the corporation and its subsidiaries, domestic and overseas investment and financing, undertaking scientific research and production of military products, mainly of warships, design, production and repair of domestic and overseas civil vessels, marine equipment and other non-ship products, various forms of economic and technological co-operation, overseas turnkey project contracting, labor export, projects of production with foreign materials, engineering project contracting, engineering construction, building construction and installation, and other business authorized.