China’s maritime economy expanded steadily in the first six months of the year, generating a gross output of ¥4.9 trillion ($678.55 billion), a 5.6 percent increase year-on-year (YoY), according to data from the Chinese Ministry of Natural Resources.
The growth pace of the maritime economy during the January-June period outpaced that of the overall economy by 0.6 percentage points.
The ministry stated that the sea area designated for use grew by 16.9 percent YoY, with projects worth a total of ¥500 billion involved. The annual output increase for marine crude oil stood at 5.6 percent, 3.7 percentage points higher than the country’s overall figure. Natural gas production expanded by 10.5 percent, 4.5 percentage points above the national average.
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The marine engineering equipment manufacturing sector experienced a marked rebound, the ministry said, with multiple major contracts secured during the second quarter, reversing a market downturn. New orders for marine engineering projects surged by 205 percent YoY, while the value of order backlogs rose by 11.6 percent.
Furthermore, the report indicated improvements in shipbuilding, maritime transportation, and cargo throughput. The foreign trade value of ships, offshore wind turbines, and their components increased by 87.3 percent and 32.6 percent YoY, respectively.
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