Chinese seaport cities see soaring port economy output in 2024

TIANJIN, June 12 (Xinhua) -- Chinese seaport cities saw the added value of their port economy hit 6.7 trillion yuan (about 933 billion U.S. dollars) in 2024, up 360.6 billion yuan over the previous year, according to a report released by an institute under the Ministry of Transport on Thursday.

The report, compiled by the planning and research institute under the ministry, provides a comprehensive evaluation of port-related economic activity across 59 Chinese seaport cities. It was released at an international shipping industry expo that opened the same day in Tianjin, a major coastal municipality in northern China.

According to the report, port economy refers to the aggregate of economic activities centered around ports, which rely on and utilize various industries associated with port operations. Port economy accounted for 13.6 percent of the 59 seaport cities' total economic output.

Among coastal regions, the Yangtze River Delta emerged as the strongest contributor, with its seaport cities generating 44.9 percent of the total added value. This highlights the region's leading role in China's port-driven economic development.

The report also noted that ports have played a crucial role in boosting the secondary industry in coastal cities. Rapid growth was observed in strategic emerging sectors such as computer, communication and electronic equipment manufacturing. Ports are increasingly supporting the industrial upgrading of their hinterland economies.

"We firmly believe the port economy still holds immense potential. China's port economy will become a powerful engine for fostering the new development paradigm," said Liu Zhanshan, vice president of the institute. ■