China Shipbuilding Industry, the nation's second biggest shipbuilder, is to launch a near-$1bn initial public offering in the latest of a $7bn run of flotations from the infrastructure and construction sector, where the transport ministry is pumping in billions of dollars to cater for the rapidly expanding country.

The company is hoping to raise $928m on the domestic markets later this year in a move that will help propel the sector lead the country's growth over the next five years, when the government will be racing to keep its airports, railways, ports and roads up to standards with the massive growth in trading and a rocketing gross domestic product.