China's Gross Ocean Product Reaches 5.5 Trillion Yuan in First Half of Year

China’s ocean economy maintained steady momentum in the first half of the year, generating a preliminary gross ocean product of 5.5 trillion yuan ($768 billion), up 5.1% year-on-year, according to Ministry of Natural Resources data reported by People’s Daily. Traditional sectors including maritime trade, tourism, and offshore oil and gas showed resilient expansion, while high-tech manufacturing accelerated. New orders for ocean engineering equipment surged 121.9% year-on-year, taking over 80% of global market share. Government agencies also approved 1,246 new sea and island utilization projects involving over 380 billion yuan in investment.

The marine economy remains a significant contributor to China's overall economic stability, demonstrating resilience with 5.1% expansion amid broader macroeconomic shifts. Rapid progress in offshore wind installations, specialized shipbuilding, and AI-driven ocean forecasting highlights an ongoing industrial transition toward high-tech, digital, and green marine operations.

China’s marine economy registered steady growth in the first half of the year, recording a preliminary gross ocean product of 5.5 trillion yuan ($768 billion), representing a 5.1% year-on-year increase, according to Ministry of Natural Resources data reported by People’s Daily. The figures reflect sustained performance across established maritime sectors alongside rapid technological advances in emerging ocean industries. In energy and resource extraction, offshore crude oil and natural gas production grew by 3.6% and 0.6% year-on-year, respectively, supported by new extraction projects entering operation, including Phase 1 of the Kenli 10-2 oilfield group and the Wenchang 16-2 oilfield. Renewable offshore energy also advanced: Shandong Peninsula's North L site project—China's deepest offshore wind farm—fully connected to the grid with an expected annual output of 1.7 billion kilowatt-hours, while the 16-megawatt floating platform "Three Gorges Leader" completed installation. Overall, authorities approved 1,246 new sea and island utilization projects involving more than 380 billion yuan in investment. Traditional maritime industries demonstrated solid fundamentals. China maintained its leading global market share in shipbuilding, recording increases across new orders, completed vessels, and order backlogs. Maritime freight volume expanded by 4.7% year-on-year, with foreign trade by sea growing 6.9% and ocean passenger traffic rising 4.6%. Emerging high-tech marine sectors showed particularly strong momentum. New global orders for ocean engineering equipment surged 121.9% year-on-year, allowing Chinese producers to secure more than 80% of the worldwide market share. Innovation extended into biotechnology and digital infrastructure: four original marine-derived drugs were approved for Phase I clinical trials, and several specialized artificial intelligence platforms were launched, including the Langya 2.0 global ocean forecasting model and the Nanming ocean large language model. Despite macro tailwinds, corporate sentiment among marine enterprises remains balanced. In a survey of over 1,500 ocean-related businesses, 38% reported higher revenue than a year earlier, while 32.8% reported flat revenue. Regarding employment, 23.8% increased staff counts and 59.7% kept payrolls stable. Looking toward the third quarter, 40.5% of surveyed businesses expressed optimism about the economic environment, while 52% held a neutral outlook.