Ocean economy sees further development

Xiamen's ocean economy and fishery industries have maintained steady and fast development over the past year as the city accelerates the establishment of an ocean economy industry chain worth 100 billion yuan ($15.1 billion).

Construction of a demonstration city for ocean economy was steadily advanced

Xiamen has focused on the development of the industries of ocean biology and high-end marine equipment manufacturing since being honored as one of the first demonstration cities for innovative development of an ocean economy on November 2016.

Some 18 demonstration city projects have been approved by the Chinese central government with a total investment of 922 million yuan.

The city closely follows the projects' capital allocation and communicates with project management. It has issued a series of supporting policies to make sure the projects go along smoothly.

Investment for ocean industry was effectively attracted

Xiamen's ocean industry has proved attractive to investors with eight projects now looking for additional capital for expansion and four other projects on the horizon.

The former eight projects involve marine microalgae, instrumental enzymes, anti-pollution sea materials, ocean-borne integration of electricity and wind power, and other fields. They have drawn investment of 377 million yuan to date and are seeking a further 127 million yuan.

The four upcoming projects have carried out experiments and production at an innovation and startup incubator and eight startup teams have been formed to prepare for the next stage of development.