China's marine economy sectors post steady recovery

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China saw its marine economy sectors recover steadily in the first three quarters of the year as COVID-19 prevention and control efforts took effect and demand gradually rebounded, according to the Ministry of Natural Resources.

The marine economy is seen as key to building significant strength in the marine sector, and to economic transition and growth for China, a big marine country with a coastline of 18,000 km and sea area under its jurisdiction of about 3 million square km.

Posting upbeat performances in traditional and emerging industries as well as foreign trade, China recorded a total output value of 6.2 trillion yuan (about 966.6 billion U.S. dollars) in its marine economy in the first nine months, data released by the ministry shows. The figure represents year-on-year growth of 9.5 percent and two-year average growth of 2.1 percent.

Emerging industries have extended their fast recovery momentum, led by a strong performance from the renewable energy utilization industry, according to the ministry.

More than 80 percent of key enterprises in the industry achieved year-on-year growth in operating income.

More than 70 percent of key companies in the marine medicine and biological products industry and the marine engineering equipment manufacturing industry realized year-on-year growth in operating revenue.

Traditional marine industries have also seen solid improvement.

Offshore oil and gas production recorded steady growth in the first three quarters, with the national output of offshore crude oil and natural gas rising 7.6 percent and 6.3 percent, respectively.

Also recovering was the vitality of market entities. Data shows that 13,743 enterprises were newly registered in major marine sectors during the first three quarters, an increase of 8.3 percent year on year.

The foreign trade of the maritime industry rose steadily, with the total import and export volume increasing 23.2 percent year on year.

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.

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