China’s marine economy is poised to become a cornerstone of its modernization strategy, with recent government meetings highlighting its potential to drive sustainable growth and global collaboration. A high-level meeting chaired by the Central Commission for Financial and Economic Affairs (CCFEA) this week underscored the need to prioritize innovation, environmental protection, and cross-sector coordination to unlock the sector’s full potential.
From Land to Sea: A Strategic Shift
Liu Baocheng, dean of the Center for International Business Ethics at the University of International Business and Economics, noted that China’s historical identity as an agricultural nation is evolving. "Only in recent decades have we realized the marine economy’s immense potential," Liu told CGTN, emphasizing the sector’s role in strengthening China’s economic resilience.
By the Numbers: A Trillion-Yuan Industry
According to a 2024 report by the Ministry of Natural Resources, China’s gross ocean product (GOP) reached 10.54 trillion yuan ($1.47 trillion), marking a 5.9% year-on-year increase. Key drivers include:
Marine manufacturing (30% of GOP)
Service sectors (59.6% of GOP)
Tourism recovery, particularly cruise travel
Offshore wind power, with annual generation up 30%
Balancing Growth and Sustainability
The CCFEA meeting stressed harmonizing economic development with environmental protection. Liu emphasized the need for "consolidated efforts" among governments, businesses, and coastal provinces to achieve this balance. Offshore wind energy, in particular, is seen as a model for scalable, low-carbon growth.
As China advances its marine ambitions, global partnerships and sustainable practices will likely shape its path forward—a strategy resonating with investors, policymakers, and environmental advocates alike.
