China’s marine economy exhibited robust growth in the first half of the year, with gross output reaching 4.9 trillion yuan (approximately $678.55 billion), marking a 5.6% increase year on year, according to the Ministry of Natural Resources.
This growth rate surpasses the overall economic growth by 0.6 percentage points during the January to June period, highlighting the maritime sector’s significant contribution to China’s economic resilience.
The authorized sea area usage expanded by 16.9% compared to the previous year, involving projects worth a total of 500 billion yuan (about $69 billion), as reported by the ministry. The annual output of marine crude oil rose by 5.6%, while natural gas output saw a substantial increase of 10.5%.
The marine engineering equipment manufacturing sector experienced a marked rebound. The ministry noted that multiple significant deals contracted during the second quarter effectively reversed the previous market downturn. New orders for marine engineering projects surged by 205% year on year, and the value of existing orders increased by 11.6%.
Shipbuilding, marine traffic, and cargo throughput also showed improvements. The foreign trade value of ships increased by an impressive 87.3% year on year, while offshore wind turbines and parts saw a growth of 32.6%, according to the ministry’s data.
Reference(s):
China's marine economic output up by 5.6 percent in H1, says ministry
cgtn.com
