China's gross oceanic product exceeds $1 trillion

BEIJING - China's gross oceanic product surged 6.8 percent year on year to over 7 trillion yuan ($1.02 trillion) in 2016, the State Oceanic Administration (SOA) announced Thursday.

According to a report released by the SOA on Thursday, the gross product value generated by China's marine industry accounted for 9.5 percent of the country's GDP last year.

The value added of the tertiary marine industry last year reached 3.84 trillion yuan, accounting for more than 54 percent of the total maritime value, the report said.

The country's marine biopharmaceutical industry has seen rapid growth in 2016, while coastal tourism has been steadily expanding, said SOA spokesperson Gao Zhongwen.

Last year, China completed a number of marine projects and installed a number of offshore wind farms, Gao said.

He added that, in 2016, there was a slight drop in the output and value added of offshore oil and gas compared with the previous year, and challenges remained in China's maritime shipping industry in spite of structural optimization.