Clean up and nurture oceans to capitalize on their riches

The likely tough competition for energy resources and food production in the future will make ocean cluster development vital to sustainable economic growth and mitigation of climate risks. About 80 percent of the world trade is conducted through marine corridors, so we should adopt civilized rules to cultivate oceans and seas and encourage capital to flow into companies that guarantee sustainable growth and good returns.

The sooner China understands the emerging trend and initiates discussions with the leading players in the sector the faster it can build the ground to compete with its Western counterparts.

A competitive ocean policy offers tremendous opportunities in a broad range of sectors, and the most intriguing among them is ocean-based renewable energy where offshore wind is expected to receive a decent boost over the next five years in terms of investments, competence and carbon neutral transition. The industry's ambition to develop offshore wind on market terms requires state aid, loans and projects to attract large-scale investments along with regulations and standards set by the International Maritime Organization.