Hangzhou advances marine economy

Hangzhou has recently introduced the High-Quality Development Doubling Action Plan for the Marine Economy to enhance the city's marine economy and establish itself as a key hub for marine technology innovation in China.

With a strong foundation and significant potential, Hangzhou ranked second in Zhejiang province in terms of gross ocean product (GOP) in 2022. The city's marine pharmaceutical and biotechnology sectors, as well as marine research, education, and management services, topped the province.

The plan sets a series of clear "doubling" goals: by 2030, the total marine economy is expected to double, with a GOP reaching 340 billion yuan ($47.1 billion), accounting for 10 percent of the city's GDP. The plan aims to achieve a marine digital economy added value of 20 billion yuan, cultivate 100 high-tech marine enterprises, and develop one 100 billion yuan-level, three 10 billion yuan-level, and five promising future marine industries.

Focusing on the 340-billion-yuan target, the plan outlines Hangzhou's future marine economic layout with a "Two Corridors Leading, Multiple Points Coordinating" strategy. The Hangzhou Chengxi Sci-tech Innovation Corridor will emphasize research and innovation, while the Chengdong Smart Manufacturing Corridor will focus on the marine digital economy and marine equipment manufacturing.

The plan also proposes six major projects to drive high-quality development in the marine economy.