China’s Shenzhen rolls out support for marine industries as country looks to tap blue economy
- China’s 14th five-year plan and 2035 vision outlined goals to expand the ocean economy and develop marine infrastructure
- Authorities are rolling out support for marine industries, which contributed about 9 per cent of gross domestic product in 2020
Shenzhen, Liaoning and Shandong have unveiled new incentives to boost marine industries as part of China’s drive to expand its blue economy.
Last month, Liaoning province in China’s northeast also said it would offer up to 8 million yuan to help kick start marine projects.
“The supportive policies are aiming to attract and integrate competitive industries into the sea, such as electronic information and other intelligent and digital industries, thanks to which the ability to monitor and survey the ocean has also improved accordingly,” said Hu Zhenlin, senior research fellow with the China Development Institute.
“On a national level, the country is going deep sea, and aims to raise the utilisation rate of marine resources such as wind power and boost the energy supply capacity and coastal economy.”