BEIJING: China’s marine economy expanded steadily in the first six months of the year, with a gross output of CN¥4.9 trillion (US$678.55 billion), up 5.6 percent year-on-year (YoY), data from the Chinese Ministry of Natural Resources showed.

According to Global Times, the growth rate of the marine economy during the January-June period exceeds that of the overall economy by 0.6 percentage points.

The sea area authorised for use increased 16.9 percent YoY, with projects worth a total of ¥500 billion involved, the ministry said. The annual output growth for marine crude oil was 5.6 percent, 3.7 percentage points higher than the country’s overall figure. Output of natural gas grew 10.5 percent, 4.5 percentage points higher than the national reading.

The marine engineering equipment manufacturing sector saw a marked rebound, the ministry said, with multiple super deals contracted during the second quarter reversing a market downturn. The new orders of marine engineering projects increased 205 percent YoY, whil
e the value of holding orders rose 11.6 percent.

Meanwhile, shipbuilding, marine traffic and cargo throughput all improved, with the foreign trade value of ships and offshore wind turbines and parts increasing 87.3 percent and 32.6 percent YoY, respectively.

Source: Emirates News Agency