China's marine economy hits record 10.5 trillion yuan in 2024

China's marine economy achieved a significant milestone in 2024, with its gross ocean product (GOP) exceeding 10 trillion yuan (about $1.4 trillion) for the first time, according to data released on Monday by the Ministry of Natural Resources.

An annual report by the ministry shows that the GOP had reached 10.54 trillion yuan in 2024, marking an increase of 5.9 percent from the previous year while demonstrating robust growth across multiple sectors.

Marine manufacturing emerged as a key driver, accounting for over 30 percent of the total GOP. Notably, the service sector was the largest contributor to the marine economy in 2024, responsible for 59.6 percent of the total GOP. Tourism showed strong recovery signals, with cruise travel experiencing a significant uptick.

Offshore wind power entered a new phase of scaled development as annual power generation grew by nearly 30 percent year on year.

The report also highlighted significant growth in marine development projects last year. In 2024, authorities approved 4,123 new sea and island utilization projects covering 263,000 hectares, with a total investment of 1.07 trillion yuan (about $148 billion).

Offshore oil, gas and wind power projects saw year-on-year growth of 70 percent, 6.9 percent and 12.3 percent respectively.

(Cover: The wind farm in Shengsi County, Zhoushan City, Zhejiang Province, east China, June 8, 2024. /VCG)