Qingdao's gross marine product grew 7.5 percent year-on-year to 501.44 billion yuan ($70.49 billion) in 2022, which accounted for 33.6 percent of the city's GDP, 30.8 percent of the province's, and 5.3 percent of the national gross marine product.

Qingdao Port. [Photo/Qingdao Daily]

Rich marine resources and a solid industrial foundation are Qingdao's major advantages in developing its marine economy.

The city is home to about 30 first-class marine scientific research institutions, accounting for more than 40 percent of China's total. The Pilot National Lab for Marine Science and Technology (Qingdao), which was put into operation in 2015, is China's first national marine laboratory.

The city also has more than 20 academicians with the Chinese Academy of Sciences and the Chinese Academy of Engineering in marine sectors, accounting for nearly 30 percent of the country's total.

Qingdao has a complete range of marine related industries. Among the 15 major marine industries, marine shipbuilding, marine engineering equipment manufacturing, seawater desalination and comprehensive utilization, marine transportation, marine tourism, marine drugs and biological products all rank first in Shandong.

In 2022, Qingdao's marine scientific research, education, and marine public management services accounted for 21.3 percent of the city's gross marine product, an increase of 4.6 percent year-on-year, showing steady progress and becoming a strong support for the blue economy.

This year, Qingdao has set a new target for marine economic development. By 2026, the city's gross marine product is expected to exceed 640 billion yuan, accounting for about 33 percent of the city's GDP.