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Hainan focuses on developing blue economy to build brighter marine future

China

China

China

Hainan focuses on developing blue economy to build brighter marine future

2025-07-24 04:48 Last Updated At:12:57

South China's Hainan Province, by leveraging its geographic advantages, has focused on developing the blue economy featuring sustainable use of the ocean.

As one of the key economic boosters, China's marine economy has been thriving, with first-quarter GDP exceeding 2.5 trillion yuan (about 350 billion U.S. dollars) this year, a 5.7 percent increase over the same period in 2024, outpacing the country's overall economic growth.

Hainan, as the southernmost province of China with one of the largest marine areas, has been a leading maritime province committed to promoting its marine GDP to over 310 billion yuan (about 43.2 billion U.S. dollars) within a decade.

Thanks to its vast marine area, green energy has been one of the most prominent sectors.

An iconic offshore green energy facility, the Shenhai-1 ultra-deepwater gas field, lies at 1,500 meters below the South China Sea in Hainan's marine area. As the first of its kind, the facility produces over 4.5 billion cubic meters of natural gas annually, the highest yield in the country.

"Through coastal terminals in Sanya, Zhuhai and Hong Kong, the gas continuously flows into the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port, while also being connected to the national pipeline network to benefit both industrial and residential users," said Li Jinsong, general manager of China National Offshore Oil Corporation (CNOOC) Hainan Lingshui-Yacheng Operation Company, which is responsible for the operation of the Shenhai-1 gas field.

Hainan is also ramping up offshore wind power development. Last month, the Datang Danzhou 1.2 million-kilowatt offshore wind farm completed its final marine environmental inspection.

"Hainan offers an excellent foundation for green energy development. Coupled with Mingyang's self-developed wind turbines, we've established the world's first offshore wind power integrated biomass gasification-to-methanol project here," said Zhang Gang, general manager of Hainan Mingyang New Energy Chemical Technology, a leading wind turbine maker who participated in the Danzhou project.

As the southernmost province in China, Hainan has also been a key hub for deep-sea scientific research. Sanya Nanshan Port, as China's first public home port for scientific expeditions, boasts top-notch facilities that attract an increasing number of research vessels and teams.

"The Yazhou Bay Science and Technology City is home to multiple universities, and Nanshan Port is China's southernmost home port for scientific expeditions. Its convenience for marine research activities is exceptionally high," said Mao Jinghang, chief intelligent control engineer of the "Kaituo 2" Project Team, focusing on deep-sea mining research.

From 2018 to 2024, Hainan's marine production value rose from 142.3 billion yuan (about 19.8 billion U.S. dollars) to 270.7 billion yuan (about 37.7 billion U.S. dollars), nearly doubling. By 2024, marine production already accounted for 34.1 percent of Hainan's GDP.

Hainan focuses on developing blue economy to build brighter marine future

Hainan focuses on developing blue economy to build brighter marine future

China's outstanding aggregate social financing -- the total amount of financing to the real economy -- reached 442.12 trillion yuan (about 63.4 trillion U.S. dollars) as of the end of 2025, up 8.3 percent year on year, central bank data showed on Thursday.

The country's aggregate social financing stood at 35.6 trillion yuan (about 5.1 trillion U.S. dollars) in 2025, up by 3.34 trillion yuan (about 479 billion U.S. dollars) from the year 2024, said the People's Bank of China (PBOC), the country's central bank.

According to the data, the M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.5 percent year on year to 340.29 trillion yuan (about 48.8 trillion U.S. dollars) as of the end of December.

In addition, outstanding yuan loans stood at 271.91 trillion yuan (about 39 trillion U.S. dollars) at the end of 2025, up 6.4 percent year on year.

China's aggregate social financing maintains high growth in 2025

China's aggregate social financing maintains high growth in 2025

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