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China’s gross oceanic product sees steady growth in Q1

Updated: Apr 25,2018 8:35 PM     Xinhua

BEIJING — China’s gross oceanic product rose 7 percent year-on-year to 1.8 trillion yuan (about $285 billion) in the first quarter, according to the Ministry of Natural Resources.

The growth was slightly faster than the 6.9-percent increase for the full year of 2017, the ministry said in a statement.

Marine enterprises saw strong growth in profitability, with the combined profits of 767 companies monitored by the ministry surging 35.1 percent in the first two months.

A total of 2,126 new marine companies in monitored sectors were registered in January and February, up 23.2 percent year-on-year.

The ministry also said that electricity from offshore wind power facilities surged 75.7 percent to 1.73 billion kilowatt-hours in the first quarter.

China’s economy expanded 6.8 percent year-on-year in the first three months, above an annual target of around 6.5 percent, official data showed last week.