New development index unveiled at marine show

The State Oceanic Administration published a new economic index at the opening ceremony of 2016 China Marine Economy Expo on Thursday in a move to better examine the state of the country's marine economy and promote its future growth.

The China Ocean Economic Development Index, which consists of three parts - development level, development efficiency and development potential - provides a concrete measurement of how China's marine economy is growing and a projection of its future progress.

The index is based on 29 indicators, taking 2010 as the year of baseline. The basic index is 100.

The index for 2015 was 119.9, 2.8 percent higher than that of a year earlier. The average annual growth rate of the index for the 12th Five-Year Plan period (2011-15) was 3.7 percent.

"It suggests that the marine economy is developing healthily," said He Guangshun, director of SOA's Marine Information Center.

The launch of the index comes at a time when marine industries are playing an increasingly important role in China's economy. Wang Hong, director-general of SOA, said marine industries have become a new driving force behind the country's growth.

Last year, GDP created by marine and related industries in China reached 6.47 trillion yuan ($938 billion), growing 7 percent from a year earlier and accounting for 9.6 percent of the country's total.

He Guangshun noted that achievements from marine science and technology have been growing at a fast pace and the number of high-tech professionals in the industry has been increasing.

"At present, the marine economy has entered a critical period of transforming into one of higher quality and efficiency. Deepening reform and promoting innovation will inject new vitality into the industry," he said.

(China Daily 11/29/2016 page22)