China’s marine economy has emerged as a standout in the country’s overall economic development in the first half of 2024, with relevant Gross Domestic Product reaching 4.9 trillion yuan ($687.2 billion), indicating 5.6 percent year-on-year growth.
Over this period, China secured the leading global position in new orders for 14 major ship types, while the marine engineering equipment manufacturing sector saw orders triple compared to the same period last year.
Additionally, maritime import and export trade increased by 2.1 percent year-on-year, reflecting the ongoing impact of macroeconomic policies and the recovery of external demand.
Strengthening the Industrial System for Stronger Foundations
Shipbuilding is a traditional industry within China’s marine economy, and the country’s shipbuilding industry made major strides in the first half of the year. Leading shipyards Jiangnan, Hudong-Zhonghua and Shanghai Waigaoqiao delivered 38 ships and secured 65 new orders, with over 90 percent being medium and high-end types. The third 85,000-ton bulk carrier, Golden Wave, built by China State Shipbuilding Corporation (CSSC) (Tianjin) Shipbuilding Co., Ltd, was delivered 30 days ahead of schedule, achieving a 100 percent success rate for all inspection items.
The industry completed 25.02 million deadweight tons of shipbuilding, an 18.4 percent year-on-year increase, with new orders totaling 54.22 million deadweight tons, representing 74.7 percent of the global total.
These achievements highlight China’s growing capabilities in ship design and research, particularly in the development of environmentally-friendly ship types.
Advancing Technological Innovation to Drive New Quality Productive Forces
From medical dressings and biofertilizers developed from seaweed to independently developed ballast water treatment systems and marine-featured “pharmacies”, more and more companies are converting scientific research results into new driving forces for marine economic development.
Guided by technological innovation, China is pushing marine science and related industries toward high-end development and venturing into deep-sea areas. Innovations such as the Smart Tuna Fishing Forecast System (Haiying AI), intelligent drilling platforms and advanced marine exploration tools are enriching the digitalization of the marine economy, enhancing productivity and sustainability.
A recent white paper titled “China’s Marine Ecological Environment Protection”, released by the State Council Information Office, stated that China has always been concerned with the ocean environment. Through high-level environmental protection, China is constantly building new momentum and seeking advantages for high-quality development, the paper added.
Enhancing Cooperation to Develop the Marine Economy
Tianjin Port is an important trading port and international hub in northern China, which currently hosts 147 container shipping routes.
“As one of the national backbone cold chain logistics bases, Tianjin Dongjiang Comprehensive Bonded Zone relies on local port resources and geographical advantages to ensure imported fruits go directly from the port to supermarkets,” said Xiao Jian, head of the International Trade Department at the Investment Promotion Bureau of Dongjiang Comprehensive Bonded Zone.
With an expanding network of shipping routes, including new connections to South America, India and Vietnam, China’s foreign marine trade continues to grow.
To further the building of a maritime community with a shared future, China has signed cooperation agreements with more than 50 countries and international organizations, closely aligning with major international cooperation initiatives such as the United Nations 2030 Agenda for Sustainable Development and the UN Decade of Ocean Science for Sustainable Development.
China remains open to all nations, adhering to the principles of joint consultation, co-building and sharing, and is committed to jointly seeking a marine development future.
