According to preliminary data, the average annual rate of gross oceanic product in Qingdao West Coast New Area (WCNA) increased by 14.9 percent from 2016 to 2021. The percentage of overall GDP it accounts for has climbed from 30.2 percent to approximately 40 percent.
The marine economy boom is attributed to the fact that the new area has committed to accelerating the high-quality development of the marine economy in the past five years.
Marine biomedicine is one of the two major industrial clusters worth over 100 billion yuan ($15.79 billion) in the WCNA. Multiple significant companies, such as Bright Moon Seaweed, Judayang, and Beijing Genomics Institution, are located in the area, indicating that the new area will focus on deep processing and high-value utilization of marine biology, marine innovative pharmaceuticals, and new biological materials.
Ship and offshore engineering is another major industrial cluster worth over 100 billion yuan in the new area.
WCNA has achieved remarkable results in the shipping and offshore engineering industry in the past five years
For example, the world's first 100,000-ton fishery aquaculture vessel equipment installation and commissioning system was officially put into use in 2021. In 2022, the country's first ultra-low temperature refrigerated transportation and processing vessel "Ocean Star" was officially put into use.
Qingdao WCNA will continue to support the high-quality growth of the two key industries, with the goal of assisting Qingdao in its efforts to become a worldwide ocean hub city.