China's marine sector booms as offshore wind, shipbuilding drive growth

The total output value of China's marine economy surpassed 10 trillion yuan ($1.38 trillion) in 2024, according to a new report from the Ministry of Natural Resources.

The 2024 China Marine Economic Statistical Bulletin, compiled by the ministry's Department of Marine Strategic Planning and Economy, shows that preliminary calculations indicate the gross oceanic product reached 10.54 trillion yuan in 2024, marking a 5.9 percent year-on-year increase. This growth rate outpaced the national GDP growth by 0.9 percentage points, with the marine economy accounting for 7.8 percent of the country's total GDP.

The breakdown of the marine economy by industry reveals that the farming sector contributed 488.5 billion yuan, the manufacturing sector 3.77 trillion yuan, and the tertiary sector 6.28 trillion yuan. The combined added value of 15 major marine industries reached 4.37 trillion yuan, up 7.5 percent compared to 2023.

The report highlights that traditional marine industries continued to expand steadily. The shipbuilding industry maintained rapid growth, with China leading the world in new orders, completed orders, and order backlogs for several consecutive years. The marine transportation industry showed robust growth, with cargo turnover rising by 9.5 percent year-on-year, while port service capabilities were further enhanced.

Marine tourism experienced rapid growth, with coastal cities such as Shanghai, Tianjin, Guangzhou, and Shenzhen maintaining high tourist activity throughout the year.

The document also notes that emerging marine industries continued to expand and strengthen. The marine engineering equipment manufacturing sector rebounded, driven by new factors and momentum for industrial transformation and upgrading. The marine power industry sustained rapid growth, with offshore wind power generation surging by 28.2 percent year-on-year.