Chinas Declining Marine Economy Demands A Rise In Resource

Published By : 22 Jul 2014 | Published By : QYRESEARCH

China’s ocean resources exploration activities are nudging the policymakers to approach the sea resources for further development, reported a release on Tuesday in Beijing. 

China’s Ocean Development Index increased in the forecast 2010 – 2013 with a value of 100 to 115.5. The marine side in this economic sector marks a good growth with an annual growth under 5 percent, expanding to 7.7 percent in 2012 and 2013. This has been marked as the slowest pace of growth ever since 2001.

According to China Ocean Information Center, State Financial Information Center Index Research Institute, and the Xinhua (Qingdao) International Ocean Information Center, there has been 8 percent growth every year. In addition, the marine output growth rose 7.6 percent annually to a value of 5.43 trillion yuan, which is approximately 876 billion U.S. dollars. The entire value accounts for 9.5 percent of the economy value. 

Liu Shuguang said, it is time for China to seek the sea resources since the land resources are depleting and the economy is on a constant rise. Liu is a deputy dean of School of Economics associated with the Ocean University of China.

Owing to rising oceanic prospects and pharmaceutical development in the field of oceanic bio-resources, an increase of 20.7 percent is witnessed since 2013. Furthermore, the natural gas output in the country fell by 4 percent, whereas, the marine crude oil accounted for 45.4 million tonnes (a rise by 2 percent) as compared to the previous year. 

Marine renewable energy involves tidal power and wind power – all of which have increased three folds since the year 2010. Its stimulation in the market is further facilitated by the Ministry of Finance that intends to fund the research into the oceanic energy. 

China’s lands for development are still unexplored. The country holds great inshore potential in terms of reclamation projects. Its quota for the same is of 21,500 hectares as of last year, of which only 18,382 hectares were attained, said the report.
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