China’s marine economy reached a record $1.4 trillion (10.54 trillion yuan) in 2024, marking a 5.9% increase from the previous year, according to data released by the Ministry of Natural Resources on Monday, February 24.
The sector contributed 0.4 percentage points to the country’s overall economic growth, reflecting its expanding role in national development.
Sectoral Contributions and Economic Impact
The marine industry, which encompasses manufacturing, research, education, and public services, contributed significantly to economic growth, with the sector’s total value reaching $603 billion. Scientific research and education contributed $91.7 billion.
Public services linked to the marine sector contributed $237 billion, bringing the total economic output of ocean-related industries to $521.64 billion.
Marine manufacturing remained a key driver, generating $438.84 billion, or over 30% of the total marine GDP.
#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.
An annual report by the Ministry of Natural Resources shows that China’s GOP reached 10.54 trillion yuan in… pic.twitter.com/Yq7REJtgym
— China News 中国新闻网 (@Echinanews) February 25, 2025
The shipbuilding industry, in particular, saw a 14.9% increase in value, reaching $18.89 billion. China also secured over 50% of the global market share in new ship orders, completed vessels, and pending shipbuilding contracts.
The marine engineering equipment sector maintained global leadership for the seventh year. The industry grew 9.1% year-on-year, contributing $14.2 billion in total value.
Meanwhile, the marine chemical industry, including salt-based chemicals and petroleum derivatives, expanded by 6.6%, generating $61.4 billion.
Marine Services and Tourism on the Rise
The marine service industry was dominant, contributing $866 billion, 59.6% of the total economic output. The sector’s growth boosted the overall marine GDP by 3.6 percentage points, slightly higher than the previous year.
The marine tourism sector experienced strong demand, particularly in cruise tourism, which fueled a 9.2% increase in economic output, reaching $222 billion.
Similarly, marine transportation saw 7.4% growth, bringing in $113 billion. A rise in global trade led to increased demand for container shipping, further expanding China’s maritime trade network.
Expansion of Marine Space and Resource Management
Efforts to improve land and sea resource management continued, with 4,123 new projects approved across 263,000 hectares in 2024. These projects received $147.6 billion in investments, marking a 70% rise in project approvals, a 6.9% expansion in total land area, and a 12.3% increase in capital investment compared to the previous year. The projects aim to support offshore wind power, oil, and gas.
Several coastal regions, including Tianjin and Fujian, have implemented new land-use policies to optimize seas, islands, and coastal spaces. Authorities also introduced the 2024 Guidelines for High-Quality Development of Natural Resource-Based Industries, aiming to balance economic growth with environmental sustainability.
China continues its marine ecological restoration efforts, with $2.19 billion allocated since the start of the 14th Five-Year Plan. These funds have facilitated the restoration of over 380 kilometers of coastline and more than 30,000 hectares of coastal wetlands.
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