China’s Marine Economy: A New Driver of Economic Growth
China’s marine economy is becoming a significant contributor to the country’s economic growth, with various sectors such as ocean-based energy generation and fisheries playing key roles. Coastal provinces are taking advantage of their geographical locations to align with the national strategy focused on developing the marine economy. This includes fostering new growth areas like digitalised governance, offshore energy, and tourism.
Since the marine economy was included in China’s 2035 vision, ten provincial-level regions, including Shanghai, have introduced marine-focused economic development plans. These initiatives aim to boost the economy through innovative strategies and sustainable practices. According to a summary by Founder Securities, these plans have been rolled out since last year, highlighting the government’s commitment to this sector.
In Southeast China, Fujian province is advancing its marine economic strategy within the 15th five-year plan (2026-2030). The focus is on emerging areas such as marine data platforms, as reported by the Fujian Daily. Local officials have emphasized the importance of building a pioneering model for digitalised marine governance. The provincial marine data platform, launched in May, has aggregated around 15.9 billion data entries covering fisheries, maritime transport, and marine meteorology. This platform serves as a hub for decision-making on marine affairs, including ecological protection and emergency response.
Fujian is also expanding its offshore energy production, which began about 10 years ago. By the end of last year, the province had installed 4.1 gigawatts (GW) of offshore wind and solar power. An industrial estate hosts several leading enterprises, further supporting this initiative. Coastal provinces are incorporating far-sea wind power into their development plans, with 2025 seen as a potential starting year. Supporting policies are expected to be gradually released, and major construction is anticipated to begin around 2027. According to a note from Founder Securities, China’s far-sea wind capacity could exceed 30GW by 2030.
Hainan’s Marine Tourism and Economic Strategy
Hainan, China’s tropical island province, has rolled out a three-year action plan to boost marine tourism. The goal is to generate more than 40 billion yuan (US$5.57 billion) in revenue and attract 18 million visits by 2027, according to the local Hainan Daily newspaper. The action plan includes building more tourist attractions and hotels, promoting maritime tourism by expanding domestic cruise routes, and exploring international cruise services to ASEAN countries.
Beijing has plans to transform Hainan into a free-trade port, as well as a center for offshore financing and duty-free shopping. This will attract tourists and businesses with an internationally competitive tax regime and relaxed visa requirements. To achieve this, Hainan will have a separate customs regime by the end of the year, allowing around 6,600 types of goods into Hainan with zero tariffs, as announced by the government in late July.
Beyond tourism, Hainan also released a three-year plan last August to advance its broader marine economy. This includes deep-sea oil and gas exploration, marine technology research, and shipping-related services such as finance, arbitration, and seafarers’ training.
Marine GDP Reaches a Milestone
China’s marine gross domestic product exceeded 10 trillion yuan for the first time in 2024, accounting for 7.8 per cent of national GDP. This milestone was described by the government as “a truly remarkable achievement.” The marine economy is now a vital component of China’s overall economic strategy, with continued investment and innovation driving its growth.
The marine economy is not only contributing to GDP but also enhancing China’s global standing in various sectors, from renewable energy to tourism and technology. As coastal provinces continue to develop their marine strategies, the impact on the national economy is expected to grow even further.
