China's marine economy reached a record high of 10 trillion yuan (about 1.38 trillion U.S. dollars) in 2024, according to the latest data released by the Ministry of Natural Resources on Monday.
According to the ministry, the marine economy demonstrated strong momentum last year, growing 5.9 percent year on year to reach 10.54 trillion yuan and contributing 0.4 percentage points to national economic growth.
The marine shipbuilding industry achieved an added value of 137 billion yuan in 2024, up 14.9 percent from the previous year.
For the first time, Chinese shipyards' international market share of new orders, completed orders and held orders for seagoing vessels - measured by revised gross tonnage - each exceeded 50 percent.
The marine engineering equipment manufacturing sector continued to recover last year. Its international market share remained the world's largest for seven consecutive years, with an added value of more than 103.2 billion yuan in 2024, up 9.1 percent from 2023.
"In 2024, the added value of the marine manufacturing industry reached 3.18 trillion yuan (438.9 billion U.S. dollars), accounting for more than 30 percent of China's gross ocean product, further playing its role as a 'ballast stone'," said Gu Wu, director of the Marine Strategic Planning and Economics Department of the Ministry of Natural Resources.
In the year, the marine service industry played a significant role in the marine economy, with its added value approaching 6.285 trillion yuan, accounting for 59.6 percent of the nation's gross ocean product. It contributed 3.6 percentage points to the growth of the national marine economy, 0.1 percentage points higher than the previous year.
Also in the year, the marine tourism market continued to heat up, especially for cruise travel. This industry generated an added value of over 1.61 trillion yuan last year, marking a year-on-year increase of 9.2 percent.
China's marine economy hits record high in 2024
China's marine economy hits record high in 2024
