China's maritime economy doubles in past decade

Updated: May 09,2020 07:10 AM    Xinhua

BEIJING — China's gross ocean product rose 6.2 percent year-on-year to top 8.9 trillion yuan (about $1.26 trillion) in 2019, doubling the size from a decade ago, official data showed on May 8. 

The country's gross ocean product has made up around 9 percent of its gross domestic product for nearly 20 years, according to a report issued by the Ministry of Natural Resources.

The value-added output of the maritime service sector amounted to 5.37 trillion yuan, accounting for 60 percent of the gross ocean product last year.

Major maritime industries recorded a 7.5 percent year-on-year growth in value-added output last year, with coastal tourism, maritime transportation and fisheries responsible for over 80 percent of the combined output, the report showed.

In a breakdown by region, the maritime economic zone in South China, which accounted for 40.8 percent of China's gross ocean product, logged a 10.4 percent expansion in nominal terms last year, buoyed by efforts to develop the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan pilot free trade zone.