China's marine economy logs steady growth in first three quarters of 2022

China's gross marine product registered a steady year-on-year growth of 2.1 percent to 6.8 trillion yuan (about 929.58 billion U.S. dollars) in the first three quarters of 2022, according to the data released by the Chinese Ministry of Natural Resources on Thursday.

The country's traditional marine industry realized speedy upgrading and product improvement, and multiple offshore oilfield projects went into operation smoothly. The output of crude oil and gas rose 6.1 percent and 10.7 percent respectively from the same period last year.

The cargo throughput and container throughput of coastal ports rose by 0.9 percent and 3.8 percent respectively during the period.

The number of oceangoing vessels completed nationwide increased by 6.6 percent year on year, with the growth rate being 4 percentage points higher than in the first half of the year. The three major shipbuilding indicators of oceangoing ship completions, new orders and hand-held orders continued to rank first in the world, the data showed.

While a number of marine economic indicators are improving, the total import and export via shipping increased by 18.2 percent year on year in the first three quarters. The import and export of aquatic products also increased by 23.6 percent year on year.

Meanwhile, China's emerging marine industry continued to expand capacity and increase production, and the development of the marine economy showed strong resilience, as the country accelerated the implementation of a package of policies and follow-up measures to stabilize the economy during the first three quarters of the year.

"Driven by the recovery of global demand, the offshore equipment industry grew rapidly, with a year-on-year increase of 211.9 percent in new orders, accounting for 84.5 percent of the international market share. In the first three quarters, 65.5 percent of marine pharmaceutical and biological companies registered year-on-year growth in operation revenue. Emerging marine industries have become an important engine to promote the development of the marine economy," said Cui Xiaojian, deputy director of the National Marine Data and Information Service (NMDIS) under the Ministry of Natural Resources.

In order to realize the country's goal of peaking its carbon emissions by 2030 and achieving carbon neutrality by 2060, the coastal areas of China have been promoting the development and construction of offshore wind power projects. There were over 30 offshore wind mill projects under construction during the first three quarters, which has doubled the offshore power generating capacity.

The areas have also been promoting seawater desalination and comprehensive utilization so as to quench domestic fresh water resources shortage.

Technological innovation continued to energize the development of the marine economy. In the first three quarters of this year, major breakthroughs were made in oil and gas exploitation equipment. China put into use its first homegrown deepwater oil and gas production system and shallow-water subsea Xmas tree system during the period.

Meanwhile, the Haiyang-2D (HY-2D) satellite blasted off last year also went into operation, which has effectively enhanced the country's capacity for marine disaster early warning and prediction.

China has included marine economy development in its Outline of the 14th Five-Year Plan (2021-2025) and the Long-Range Objectives Through the Year 2035. According to the plan, the country aims to build a modern marine industry system through measures including technological breakthroughs and the construction of demonstration zones for the marine economy.

Source: CCTV

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