China’s Marine Economy Reaches 5.5 Trillion Yuan in First Half of 2026
China’s marine economy generated 5.5 trillion yuan (approximately $790 billion) in gross product during the first half of 2026, marking a year-on-year increase of 5.1% and outpacing the country’s overall economic growth, according to data released Monday by the Ministry of Natural Resources. The sector accounted for 7.9% of China’s GDP, with its growth rate running 0.4 percentage points higher than the national average, as reported by CCTV.
Steady Growth Across Key Sectors
The marine economy’s resilience was evident across multiple indicators. A total of 1,246 new sea and island use projects were approved nationwide, covering 123,000 hectares with total investment exceeding 380 billion yuan, effectively supporting the needs of marine fisheries, industry, and transportation sectors, Xinhua reported.
Marine crude oil output rose 3.6% year-on-year, while natural gas production increased 0.6%. Domestic marine aquatic product output grew 4.7%, with aquaculture output expanding 6.0%. Marine passenger volume and passenger turnover also rose 4.6% and 5.4% respectively, according to ECNS.
Shipbuilding Industry Extends Global Dominance
The shipbuilding sector was a standout performer, with new shipbuilding orders surging 105.2%, completed deliveries rising 34.8%, and order backlog growing 37.1% year-on-year in compensated gross tonnage terms. China maintained its global leadership with market shares of 73.9% for new orders, 55.4% for completions, and 63.3% for order backlog, according to China Daily.
More than 40 large vessels were delivered during the period, including container ships exceeding 10,000 TEUs, ultra-large crude oil carriers, and large LNG carriers. Many shipbuilders now have full production schedules, with some order books extending beyond 2029, as detailed in Xinhua’s shipbuilding report. Notable deliveries included the world’s first 10,800-car LNG dual-fuel car carrier and the world’s first 24,000 TEU methanol dual-fuel container ship.
Offshore Engineering and High-End Manufacturing Surge
New offshore engineering equipment orders jumped 121.9% year-on-year, accounting for over 80% of the global market share. Major milestones included the delivery of “Haiyang Shiyou 283,” China’s first mobile multi-functional offshore intervention platform, the start of installation of the world’s largest 16MW floating offshore wind platform “Three Gorges Pilot,” and the completion of the world’s largest offshore converter station “Hai Feng Zhi Xin,” according to Xinhua’s offshore engineering report.
Marine foreign trade also remained robust, with total marine imports and exports rising 6.9% year-on-year, including a 7.8% increase in exports. Wind turbine and parts exports grew 35.6%, while ship exports rose 24.9%.
Policy Support and Emerging Industries
The first half of 2026 saw intensive policy support for the marine sector, including China’s first national-level special policy document for marine biomedicine, the “Guidance on Accelerating High-Quality Development of Marine Drugs and Functional Products,” issued by eight ministries. Four marine original new drugs were approved for Phase 1 clinical trials, and China-led international standards for seawater desalination were officially released, as covered by 21st Century Business Herald.
Deep-sea technology breakthroughs included the “Wenhai 6000H” deep-sea heavy-duty unmanned submersible, which executed scientific missions in the “Kunlun” hydrothermal vent area, reaching a maximum depth of 6,523 meters with 16 dives and a 100% success rate.
Financial Confidence and Market Sentiment
Capital markets showed growing confidence in the marine sector, with 12 marine-related companies completing IPOs in H1 2026, raising 13.34 billion yuan and accounting for 18.9% of all IPO financing. A survey of more than 1,500 marine enterprises found that 70.8% reported revenue growth or stability, while 83.5% reported employment growth or stability.
Chen Zheng, deputy director of the Marine Strategy Planning and Economy Department at the Ministry of Natural Resources, noted that marine economic growth is generally higher than the national rate, with the traction effect of marine-related industries particularly evident in coastal provinces such as Shanghai and Jiangsu.
Analysis: A Strategic Pillar of Economic Growth
“The marine economy’s growing competitiveness is an important sign of China’s progress from a major maritime country toward a strong maritime power,” Li Changan, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics, told Global Times. “These gains show that the marine economy is becoming an increasingly important part of China’s broader push to strengthen the national economy and cultivate new sources of growth.”
Li emphasized that China’s competitive advantage in shipbuilding has expanded beyond cost competitiveness to encompass the entire industrial chain, combining technological capability with broader supply-chain strength.
Looking Ahead
China’s 15th Five-Year Plan (2026-2030) dedicates a full chapter to strengthening marine development, utilization and protection, calling for coordinated land-sea development and faster progress toward building China into a strong maritime power. With major energy projects such as the Kenli 10-2 oilfield group now fully operational in the Bohai Sea and the Shandong Peninsula North L site - China’s deepest offshore wind project - generating approximately 1.7 billion kWh annually, the marine economy is positioned to remain a key driver of national economic growth in the years ahead.