China's marine industry posts strong recovery in H1
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E-mail Xinhua, August 5, 2023
The marine economy in China continued to experience strong recovery momentum in the first half (H1), the Ministry of Natural Resources said Friday.
The country's gross marine product grew 6 percent year on year to 4.7 trillion yuan (about 658.1 billion U.S. dollars) in the first six months, accelerating from 5.1-percent growth registered in the first quarter (Q1).
The output of offshore crude oil and natural gas increased by 5.1 percent and 7.2 percent from a year ago in H1, respectively.
With the decommissioning of old ships and the introduction of international mandatory emission reduction policies, demand for new ships soared during the period, buoying shipbuilding business performance.
New orders received by China's shipbuilders for seagoing ships rose 38.1 percent year on year in H1. Shipbuilders saw their main business swing back to profit, with their margin reaching 4 percent.
The country's marine tourism also rebounded during the period, with marine passenger traffic jumping 130.5 percent year on year, the ministry said.
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