electra-supply.comOn October 24th, the semi-submersible vessel “Xiang’an KOU” set sail from the West Coast New Area of Qingdao, carrying crucial equipment for the PKG-1 project at Saudi Arabia’s Marjan oil and gas field. Coinciding with this event, the 2024 Marine Cooperation Development Forum was also held, drawing attention to the robust growth of China’s marine economy. From the departure of large marine equipment to the lively discussions at the forum, it’s clear that China is accelerating toward a promising “deep blue” future in marine economic development.
During the forum, Sun Shuxian, Deputy Minister of China’s Ministry of Natural Resources and Director of the State Oceanic Administration, remarked that since 2020, China’s marine economy has faced substantial challenges yet has maintained stability, contributing approximately 8% to the country’s GDP. By 2023, the marine gross production value reached 9.9 trillion yuan (approximately $1.5 trillion), playing a key role in stabilizing national economic growth and restructuring.
The “2024 China Marine Development Index Report” released at the forum highlighted significant trends in high-quality development of the marine economy. From 2016 to 2023, the annual growth rate of this index was 2.9%, reaching 125.3 in 2023, representing a 3.0% increase from the previous year. This achievement has been largely attributed to ongoing enhancements in marine technological innovation.
In recent years, an increasing number of organizations and enterprises have been investing in China’s emerging and future marine industries, injecting new vitality into the economy. Fan Guangyi, Director of the Qingdao BGI Institute of Genomics, shared that the institute has developed the world’s largest throughput gene sequencer and the fastest gene sequencing machine, establishing China’s first multi-module automated integrated sequencing enzyme reagent production base. They have achieved complete autonomy in sequencing enzymes, addressing several industry gaps.
“Our sodium alginate used to sell for just 100 yuan per kilogram as food-grade material. Now we’ve developed it to an implant-grade quality, with prices soaring to 1,000 to 2,000 yuan per gram,” explained Zhang Demeng, Vice President of Qingdao Mingyue Seaweed Group. Through technological innovation and resource optimization, the company has successfully transformed its offerings, expanding into new industries such as marine functional foods, infant nutrition, marine cosmetics, and pet nutrition.
The significance of marine equipment in developing and utilizing marine resources cannot be overstated. Zhang Ning, General Manager of the Marine Engineering and Port Division of Qingdao Haijian Group, noted that the integration of technology and industry for the upgrade of the marine economy is a systematic endeavor that requires stronger foundational infrastructure for the marine equipment industry. The company operates the National Marine Equipment Quality Inspection and Testing Center, currently the most comprehensive maritime testing facility in China, which bridges the gap between technology and industry through consulting, simulation, and testing services.
In September 2024, the second development project of China’s first deep-water oil field, the Liuhua 11-1/4-1 oil field, constructed by China National Offshore Oil Corporation, officially began production in the Pearl River Mouth Basin. This milestone showcases a new economic model for efficient development of deep-water oil fields, with the design, construction, and installation capabilities for deep-water oil and gas equipment reaching world-class levels.
Zhou Xinhui, General Manager of China National Offshore Oil Corporation, stated, “This project is the first of its kind in Asia to adopt the ‘deep-water jacket platform + cylindrical FPSO’ development model. We have successfully tackled several critical core technologies, significantly reducing construction and production costs while rejuvenating billion-ton deep-water oil fields, contributing a Chinese solution for the efficient development of similar deep-water oil and gas fields.”
With strong government support and active participation from enterprises, China’s marine economy is demonstrating remarkable development momentum and boundless potential, confidently stepping into a deep blue future.
