China’s marine economy made a splash in 2024, crossing the 10 trillion yuan threshold (about $1.4 trillion) for the first time. This significant milestone, reported by the Ministry of Natural Resources, marks a 5.9% increase from the previous year and showcases robust growth across multiple sectors.
Marine manufacturing was a powerhouse, contributing over 30% of the total Gross Ocean Product (GOP). Meanwhile, the service sector led the way as the largest contributor, accounting for 59.6% of the GOP. Tourism, especially cruise travel, saw a thrilling comeback as people embraced ocean adventures once again.
Renewable energy took center stage with offshore wind power entering a new phase of growth. Annual power generation soared by nearly 30% compared to the previous year, highlighting China’s push towards sustainable energy solutions.
The year also witnessed a surge in marine development projects. Authorities greenlit 4,123 new sea and island utilization projects, spanning 263,000 hectares, with a total investment of 1.07 trillion yuan (about $148 billion). Offshore oil, gas, and wind power projects experienced substantial growth, with year-on-year increases of 70%, 6.9%, and 12.3%, respectively.
These developments underscore China’s expanding role in the global marine economy and its commitment to innovation and sustainable growth in maritime industries.
