Shenzhen Marine Industry to be Boosted by Government Funding

Shenzhen Marine Industry to be Boosted by Government FundingThe city’s development and reform commission announced that the city is funding the development of the marine industry and is hoping to bring the sector’s gross product to 160billion yuan this year. Considered as one of the major cities in China, Shenzhen set its sights on boosting the economic development in the bay area. The city also hopes to be the lead role in the 21st Century Maritime Silk Road initiative of President Xi Jinping that was released in 2013.

The funding for the maritime industry is expected to support the economic development of the eight key sectors which are marine life, high technology, electronic information, the cruise industry, natural gas hydrate development seawater desalination, deep sea mineral resource development and algae biomass technology. A spokesperson for the commission said that there are research institutions along with enterprises with proper qualifications are already registered in Shenzhen and are eligible to apply for government funding. These requirements include being part of a marine related industry and can independently develop a viable business and all eligible companies can get a loan at discounted rates.

Offshore energy mining, seashore tourism and ocean transportation are the three major marine related sectors in Shenzhen. This industry is dominated by companies such as China Merchants Holdings, Overseas Chinese Town Enterprises and China International Marine Containers. Furthermore a plan was released a few years ago which set a goal to forge a modernized marine industry with a gross output that will reach 160 billion yuan by 2015. This also highlighted four key areas namely marine life, high end equipment, cruise industry and electronic information to develop by 2020.

A plan issued a few years ago set a goal to forge a modernized marine industry in Shenzhen with a gross output reaching 160 billion yuan by the end of 2015. It also highlighted four key areas, including electronic information, marine life, high-end equipment and the cruise industry to be developed before 2020.

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