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Zhejiang's Marine GDP Exceeds $186 Billion in 2024, Up 6.5% Year-on-Year

CHINA
Monday, February 10, 2025, 07:00 (GMT + 9)

The Zhejiang Provincial Department of Marine Economic Development announced on January 20 that the province's marine GDP surpassed $186 billion (1.2 trillion yuan) in 2024, marking a 6.5% increase from the previous year.

Hangzhou – The department, established on January 20, 2024, became the first provincial government entity in China dedicated to marine economic development. One year later, it unveiled its achievements in promoting high-level economic openness and strengthening Zhejiang's marine economy, as reported by Bao Mengni from China News Service.

Significant Achievements in Marine Economic Development

Zhejiang has made remarkable progress in accelerating its major marine power projects. By 2024, the province completed 301 key marine infrastructure projects, with a total investment exceeding $37.2 billion (240 billion yuan), achieving 120% of its annual investment plan. Additionally, the province secured $1.02 billion (6.58 billion yuan) in long-term national and special bonds and $31 million (200 million yuan) for the development of "two new" marine fishing vessels.

Zhejiang also hosted a high-profile event promoting marine economic growth, resulting in the signing of 35 projects with a combined investment of over $15.5 billion (100 billion yuan).

Advancing as a Global Port Leader

Zhejiang's ports have seen transformative growth. The Ningbo-Zhoushan Port maintained its position as the world's largest port by cargo throughput for the 16th consecutive year, processing over 1.37 billion tons. Container throughput exceeded 39.3 million TEUs, a record 11.3% increase—the highest growth rate in seven years.

The "Ningbo-Zhoushan Port Master Plan (2035)" was approved jointly by the Ministry of Transport and the Zhejiang Provincial Government, unlocking $26.4 billion (170 billion yuan) for strong port projects. The Ningbo-Zhoushan International Shipping Center Development Index also rose to 8th globally, one year ahead of schedule.

Modern Marine Fishery Construction Accelerates

Zhejiang leads the nation in marine fishery development. In 2024, the total marine aquatic product yield reached 5.01 million tons, with a market value exceeding $15.2 billion (98 billion yuan). The province also implemented the "Double Thousand Project," boosting the offshore fishery industry to a value of over $7.75 billion (50 billion yuan), securing its top national ranking.

Zhejiang added two national-level fishing port economic zones, bringing the total to seven, again leading the country. The province secured $661.5 million (4.261 billion yuan) in central fishery development funds, a 5.97% year-on-year increase, ranking first among China's coastal provinces.

"Blue Granary" and Aquaculture Innovations

Key advancements in marine farming included the successful operation of the "Kenhuang No. 1" and "Donghai No. 1" deep-sea aquaculture platforms. Asia's first large-scale land-based recirculating salmon aquaculture project was also completed.

Zhejiang introduced three new national marine ranch demonstration zones and one pilot county for green circular fishery development. The province also bred two new national marine aquatic species, cementing its leadership in marine breeding innovation.

Outlook for 2025

Looking ahead, officials from the Zhejiang Provincial Department of Marine Economic Development announced ambitious goals for 2025. They aim to double the marine economic output, targeting a marine GDP of $198.4 billion (1.28 trillion yuan), with growth surpassing the general economic trend.

Zhejiang also plans to achieve container throughput of over 40 million TEUs at Ningbo-Zhoushan Port and rise to 7th place on the Xinhua-Baltic International Shipping Center Development Index, establishing itself as a leader in port business environments.

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