China's seas are becoming an increasingly important sector of the nation's economy, making up over 10 percent of gross domestic product, according to a report in the state-run press on Tuesday.
Trade and business on China's seas generated 2.07 trillion yuan (270 billion dollars) last year, a 13.97 percent increase from 2005, the China Daily said, citing a State Oceanic Administration report.
The maritime economy takes in industries such as fishing, transport, oil and gas exploration, tourism and shipbuilding. It employed 29.6 million people last year, 1.8 million more than in 2005, according to the report. The China Daily highlighted the fact that expansion in China's maritime economy of 13.97 percent last year was far higher than overall GDP growth of 10.7 percent.
The high rate of growth, tabulated under new accounting methods used by the oceanic administration, was attributed partly to specific plans to develop the economies along China's coastline. For example, China now has half of the world's top 20 port facilities, the paper said, citing the National Ocean Information Centre.
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