China’s Ministry of Natural Resources shared positive news about the country’s marine economy during a regular press conference held on November 20. According to the Ministry, the marine economy in the first three quarters of the year showed significant growth, with the gross marine product value reaching 7.2 trillion yuan, marking a 5.8% increase compared to the previous year.
Key officials from the Ministry provided insights into the various sectors of the marine economy, highlighting the rebound in major economic indicators. The traditional marine industry, particularly marine shipbuilding and tourism, demonstrated substantial growth. Additionally, the supply capacity of marine resources improved steadily, with offshore oil and gas production increasing year-on-year.
The press conference also emphasized the importance of innovation in empowering the development of emerging industries within the marine economy. Notable advancements included the growth of offshore engineering equipment manufacturing, marine renewable energy development, and the level of independent research and development and manufacturing of marine equipment.
Regarding maritime trade routes, the Ministry reported that ocean transportation developed steadily, with port facilities continuing to improve. Despite challenges such as falling commodity prices and exchange rate fluctuations, foreign trade cargo throughput at coastal ports increased by more than 10% year-on-year.
In conclusion, the Ministry acknowledged that while there are some external unstable and uncertain factors affecting the marine economy, there is also room for growth. With the continued release of the effects of national macro policies and the confidence of business entities, China’s marine economy is anticipated to maintain its positive development momentum. The overall message of the Ministry’s report was that the marine economic performance is expected to be buoyant throughout the year.