Gross ocean product increases 5.8% y-o-y from Jan-Sep: Natural Resources Ministry

China’s gross ocean product in the first three quarters of 2023 grew by 5.8 percent year-on-year, reaching 7.2 trillion yuan ($1 trillion), showcasing a steady recovery, data from China’s Ministry of Natural Resources (MNR) showed on Monday according to preliminary calculations.

The value of equipment orders for ocean engineering surged by 50 percent year-on-year, according to the data. Seawater desalination programs in multiple cities and provinces have progressed steadily, with the capacity of newly built programs and programs under construction having crossed 300,000 tons per day.

Newly added capacity of offshore wind farms increased by 14.8 percent year-on-year, while the generated power volume increased by 19.2 percent compared with the previous year. The total capacity of newly launched offshore wind farms and wind farms under construction reached about 19.4 million kilowatts, a year-on-year increase of 2 million kilowatts.

In traditional industries, ocean crude oil output increased by 4.6 percent year-on-year, while  natural gas output increased by 9.7 percent.

The shipbuilding industry maintained its steady growth momentum from last year. New orders increased by 40.2 percent year-on-year, the data showed. Completions increased by 23.3 percent, while orders on hand grew 34.3 percent.

Over half of the surveyed ocean industries said their revenue grew in the first three quarters, increasing by 5.9 percentage points from 2022. Over 60 percent of enterprises projected revenue growth at the end of 2023, and more than 80 percent increased or maintained their employment scale.

China has been expanding global cooperation in the marine sector. The Symposium on Global Maritime Cooperation and Ocean Governance kicked off in Sanya, South China’s Hainan Province, earlier in November, the Xinhua News Agency reported.

Wang Hong, China’s vice minister of natural resources, in his address highlighted China’s participation in UN frameworks for ocean governance and rule-making and China’s constructive role in regulations concerning fields such as deep-sea mining, marine biodiversity conservation, and others, according to Xinhua.

(Global Times)

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