Business · Economy · 2 hrs ago
China's marine economy grows 4.9% in first three quarters
China's marine economy reached 8.5 trillion yuan in the first three quarters of the year, up 4.9% from the same period a year earlier.
The figures were released by China's Ministry of Natural Resources.
The sector's growth was 0.3 percentage points faster than China's overall economic growth and added 0.4 percentage points to it.
Shipbuilding orders, completions and backlogs all increased, while China's share of the international ship market remained the world's largest.
New offshore engineering equipment orders rose 123.3% to 20.1 billion US dollars, representing 83.8% of the global market.
The figures point to a shift towards higher-value marine industries, including advanced vessels, marine energy and technology.
The ministry says it will support high-quality growth and develop new marine industries.
China’s marine gross domestic product reached 8.5 trillion yuan in the first three quarters, up 4.9% year on year.
The growth rate was 0.3 percentage points higher than the country’s overall GDP growth rate.
The marine economy contributed 0.4 percentage points to national economic growth.
Shipbuilding, marine transport and emerging marine industries all recorded growth or development gains.
The Ministry of Natural Resources said it would focus on high-quality development and building new marine industries.
- Who
- China’s marine economy, as reported by the Ministry of Natural Resources.
- What
- It grew 4.9% in the first three quarters, reaching 8.5 trillion yuan.
- When
- The first three quarters; the report was issued on October 28.
- Where
- China.
- Why
- Not stated.
This story does not have two clearly opposing sides.
The Ministry of Natural Resources issued its report on the marine economy’s performance in the first three quarters.
China’s marine gross domestic product reached 8.5 trillion yuan, up 4.9% year on year.
New orders for offshore engineering equipment were worth 20.1 billion US dollars, up 123.3% year on year.
- Marine gross domestic product
- 8.5 trillion yuan
- Year-on-year growth
- 4.9%
- Growth-rate gap with national GDP
- 0.3 percentage points higher
- Contribution to national economic growth
- 0.4 percentage points
- Offshore engineering equipment orders
- 20.1 billion US dollars, up 123.3% year on year
What people are saying
In the first three quarters, China’s marine economy achieved steady growth, its structure continued to improve and its resilience remained evident.
We will focus on high-quality development, accelerate the cultivation of new quality productive forces in the marine sector, and further strengthen the resilience and vitality of the blue engine.