Qingdao's marine sector booms in 2024

Qingdao's marine economy is experiencing robust growth through high-quality development initiatives. In 2024, Qingdao's total marine GDP reached 551.32 billion yuan ($75.82 billion), accounting for 5.2 percent of the national marine GDP, 30.6 percent of the provincial marine GDP, and 33 percent of the city's regional GDP, demonstrating strong momentum in the marine economy.

Last year, Qingdao saw the rise of the modern marine industry. The scale of marine economic market entities continued to expand, with 3,221 marine-related enterprises in the city, representing around 30 percent of the province.

Over the past two years, the city has approved 281 marine-use projects covering an area of 19,800 hectares. Implementing the 15 Policies Supporting the High-Quality Development of the Marine Economy in Qingdao, the city fulfilled 24 incentive policies, providing a total incentive fund of 140 million yuan to benefit 137 enterprises.

Qingdao has consolidated its development advantages by strengthening the foundation of the marine economy. By intensifying efforts to secure resources, six key marine projects are set to receive support totaling 700 million yuan from the central budget, ultra-long-term special national bonds, and government special bonds.

Among these, the Aoshan Bay Marine Ecological Protection and Restoration Project achieved the top ranking nationwide and secured 400 million yuan in central support. The city has also established eight modern marine industry technology innovation centers and 31 marine engineering technology collaborative innovation centers in Shandong province, accounting for 47 percent and 27 percent of the province respectively.

Qingdao's marine economy experiences robust growth through high-quality development initiatives. [Photo/WeChat account: qd12301]