China's marine economy showcased robust growth in the first half of the year, achieving a gross output of 4.9 trillion yuan (approximately $678.55 billion), representing a 5.6 percent increase compared to the same period last year, according to data from the Ministry of Natural Resources.
This growth rate outpaced the overall economy by 0.6 percentage points from January to June. The authorized sea area expanded by 16.9 percent year on year, encompassing projects valued at 500 billion yuan (about $69 billion).
The energy sector played a significant role, with marine crude oil production increasing by 5.6 percent and natural gas output rising by 10.5 percent. Additionally, the marine engineering equipment manufacturing sector experienced a notable rebound. New orders for marine engineering projects surged by 205 percent year on year, while the value of holding orders grew by 11.6 percent, reversing a previous market downturn.
Shipbuilding, marine traffic, and cargo throughput also saw improvements. The foreign trade value of ships increased by 87.3 percent year on year, and the offshore wind turbines and parts sector grew by 32.6 percent, highlighting a dynamic and expanding marine economy.
Reference(s):
China's marine economic output up by 5.6 percent in H1, says ministry
cgtn.com
