Marine economy growth outpaces national economy in H1, says ministry

This aerial photo taken on July 17, 2023, shows the view of a marine farm in Jianggezhuang township, Laoting county, North China's Hebei Province. (Photo: Xinhua)

China's marine economy expanded steadily in the first six months of the year, with a gross output of 4.9 trillion yuan ($678.55 billion), up 5.6 percent year-on-year, data from the Ministry of Natural Resources showed.

The growth rate of the marine economy is 0.6 percentage points higher than that of the overall economy during the January-June period, according to state broadcaster China Central Television.

The sea area authorized for use increased 16.9 percent year-on-year, with projects worth a total of 500 billion yuan involved, the ministry said. The annual output growth for marine crude oil was 5.6 percent, 3.7 percentage points higher than the nation's overall figure. Output of natural gas grew 10.5 percent, 4.5 percentage points higher than the national reading.

The marine engineering equipment manufacturing sector saw a marked rebound, the ministry said, with multiple super deals contracted during the second quarter reversing a market downturn. The new orders of marine engineering projects increased by 205 percent year-on-year, while the value of holding orders rose by 11.6 percent.

In the meantime, shipbuilding, marine traffic, and cargo throughput all improved, with the foreign trade value of ships and offshore wind turbines and parts increasing by 87.3 percent and 32.6 percent year-on-year, respectively, according to the ministry.