The vast oceans serve as the cradle of life and hold a wealth of resourcesFrom the historical practices of fishing and salt production to the modern advancements of generating energy and transforming salty water into fresh, the seas have granted numerous benefitsThe vast expanse of blue is now emerging as a new economic frontier, presenting unparalleled opportunities for nations to explore and develop.

In today's world, industries such as offshore oil and gas exploration, port operations, and shipping have become pivotal in boosting national wealthParticularly in China, the contribution of the marine economy to the GDP has remained around 8% since the "14th Five-Year Plan," with projections showing marine production value soaring to approximately CNY 9.9 trillion in 2023. This represents a significant new engine for economic growth in the countryThe maturation and expansion of the marine economy reflect an inevitable global trend towards maritime resource utilization.

As a major maritime nation with extensive territorial waters and a plethora of islands, China boasts rich biodiversity

By focusing on industrial development, there has been a sustained momentum from shallow to deep-sea industriesThe country has seen significant growth in its emerging marine industries, with new orders in the marine engineering sector surging, capturing over 70% of the global market shareMoreover, breakthroughs in marine technology have accelerated, exemplified by the successful launch of satellites for marine salinity detection and the integration of China's first deep-sea drilling vessel, the "Dream," into its operations in GuangzhouSuch advancements highlight a promising trajectory in marine technology and equipment manufacturing.

Despite these achievements, significant challenges remain as China strives to realize its ambition of becoming a powerful maritime nationThe journey is fraught with obstacles that impede high-quality development of the marine economyVarious pressing issues have emerged, likened to boulders obstructing the path forward.

One major challenge lies in resource management

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With an increase in maritime activities, the over-exploitation and mismanagement of marine resources have become evidentFor instance, the decline in fish populations due to overfishing signals a troubling trend, leading to threats against rare marine species and disrupting the delicate balance of the marine ecosystemConcurrently, the inflow of industrial waste, domestic sewage, and other pollutants from coastal regions continues to exacerbate marine environmental degradationEcological disasters such as red tides and green algae blooms highlight the severe consequences faced by marine ecosystems and, in turn, negatively impact coastal economies and the livelihoods of residents.

In critical technology areas, the issue of being "choked" by key technologies remains pronouncedChina still struggles to catch up with leading international standards in marine exploration, equipment manufacturing, and renewable marine energy development

For example, core technologies for high-precision deep-sea sensors and underwater robots are predominantly held by a few developed countriesThis poses significant technical hurdles during the exploration and extraction of deep-sea resourcesLikewise, in the marine renewable energy sector, critical components for offshore wind power generation are still in need of breakthroughs, hindering large-scale development of this essential industry due to high construction costs.

Additionally, the marine industry faces a prevailing issue of being robust yet lacking strengthWhile China's marine industries encompass significant sectors like fisheries, transport, and shipbuilding, they often lag in terms of added value, technological advancement, and innovation capabilityTake shipbuilding as an example: despite leading global production, China falls short of advanced design capabilities and manufacturing processes compared to shipbuilding powerhouses like South Korea and Japan

Often, domestic shipbuilders secure contracts for conventional vessels, while the high-value segment featuring liquefied natural gas (LNG) ships and luxury cruise liners remains a small share of the market, resulting in limited profitability.

The aging supply factor is another impediment to maritime economic growthTraditional economic models heavily relying on labor and resource input are experiencing diminishing returns on investmentCompounded by rising labor costs and depleting resources, there is a pressing need for advanced factors of production such as educated talent, technological innovation, and financial backingHowever, the education system for marine professionals is inadequately developed, producing a workforce unable to meet the rapid demands of a growing marine economyMoreover, marine projects often face barriers in financing due to their large scale, long payback periods, and intrinsic risks, prompting financial institutions to be hesitant in investing in this space.

In the face of these daunting challenges, the central economic work conference has outlined a path forward emphasizing strong development of the marine economy, paving the way for future growth trajectories

Recognizing the vast potential of the marine economy entails careful planning and multi-dimensional efforts to achieve high-quality development.

To strengthen the modern marine industrial system, focus should be placed on optimizing and upgrading industrial structuresInvestments in technology upgrades for traditional industries must increase, pushing fisheries towards modernization and sustainability to enhance breeding techniques and resource utilizationLikewise, maritime transport needs to adopt smart and green transformations to boost port management through enhanced informatization and efficiency in logisticsConcurrently, there is an urgent requirement to foster new marine industries such as marine biotechnology, renewable energy production, and high-end equipment manufacturing, enabling them to thrive through strategic initiatives and financial incentives.

Nurturing new productive forces that emphasize innovation across the marine economy is crucial

Strengthening marine technology innovation platforms that integrate universities, research institutions, and enterprises can propel a collaborative approach to innovationCompanies should be encouraged to invest in research and tackle key and common technological challenges, thereby alleviating core bottlenecksFor example, boosting research into offshore wind energy, tidal power, and wave energy can enhance conversion efficiency while developing a skilled workforce by cultivating talent through effective motivational mechanisms.

Expanding blue economic horizons necessitates the enhancement of marine regional cooperation and collaborative developmentDomestically, coastal regions should engage in mutual cooperation to share resources effectivelyEstablishing cross-regional marine industry cooperation parks can stimulate collaborative efforts among different areasInternationally, participation in maritime economic collaborations along the "Belt and Road" initiative is vital to developing marine resources cooperatively, constructing critical marine infrastructure, and promoting scientific research and development, strengthening China's influence in global marine economics.

Through implementing these strategies, there lies an opportunity to transform marine resource advantages into those of high-quality development

By scientifically exploiting rich marine resources—including biological, mineral, and energy reserves—and efficiently transitioning them into growth drivers, such a shift can significantly uplift China’s marine economy and lay a robust foundation for establishing a formidable maritime power.

Imagine a scenario where underwater fish farming and water-surface power generation coexist, producing clean energy while serving as marine farms, effectively utilizing marine spaceThe progression of the marine economy points towards establishing a systematic approach to harmonize land and sea, fostering industrial clusteringIn regions like Zhanjiang, Guangdong province, even a single species of fish like the golden pompano can catalyze an entire ecosystem of industries including seedlings, feed, farming equipment, processing, and distribution, potentially achieving an annual industrial output value of up to 10 billion yuan.

Unlocking the potential of the marine economy mandates a focus on technological innovation