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China's maritime industry outperformed economy in 2007

China's maritime industry outperformed economy in 2007

Shanghai: China's maritime industry saw a 15% year on year increase in value during 2007, outperforming the economy as a whole, writes Xinhua quoting a report issued by the State Oceanic Administration (SOA). The industry contributed 2.49 trillion yuan ($347bn) or ten percent of the country's gross domestic product, fuelled by rapid growth in the traditional industries of transport, tourism and fishing as well as the up and coming oceanic biological pharmaceutical industry.

Geographical areas that particularly contributed to the final figure include the Yangtze River Delta region (775 bn yuan) and the Bohai Bay Rim Area (more than 954bn yuan). However, Xu Linzhi, an official from the environmental protection department of the SOA, said the swift development of the maritime economy in the Bohai Bay Rim Area had been achieved at the cost of the environment. "We must ensure growth is environmentally sound," he was quoted as saying by China Daily.

The report also highlighted the fact that the marine industry increased the number of people employed by 1.9m individuals to 31.5m people for 2007.  [18/02/08]