shallow focus photography of black ship

China’s Maritime Economy Flourishes with 5.8% Growth in First 9 Months of 2023

China’s Ministry of Natural Resources unveiled encouraging statistics indicating a sustained growth trajectory for the country’s maritime economy throughout the initial nine months of 2023.

During a press conference, He Guangsun, the Director of the Ministry’s Maritime Strategic Planning and Economics Bureau, revealed that China’s gross maritime product surged to 7.2 trillion yuan, marking a noteworthy 5.8% increase year-on-year during the January-September period.

This growth was fueled by a significant upswing in China’s offshore crude oil and natural gas production, recording respective year-on-year increases of 4.6% and 9.7% during the same period.

The maritime sector witnessed a surge in demand for new vessels, translating into robust performance for the shipbuilding industry. Chinese shipbuilders experienced a remarkable 40.2% surge in new marine vessel orders, indicative of a substantial increase in the market’s appetite for new ships.

Moreover, China’s maritime tourism sector exhibited signs of recovery, witnessing a remarkable resurgence. Maritime passenger traffic surged by an impressive 121% year-on-year, with a steady 0.4-percentage-point rise observed in September compared to the preceding eight months.

The buoyancy observed in various facets of China’s maritime economy underscores a resilient growth trajectory, showcasing notable achievements and heightened activity across crucial sectors like energy production, shipbuilding, and tourism.

This sustained growth signals a promising outlook for China’s maritime sector, demonstrating resilience and potential for further expansion as the country continues to navigate through economic landscapes and operational challenges.

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