Advancing China's Sustainable Blue Economy 2025

193.2 China’s ocean accounting progress The global valuation of the ocean economy is predominantly estimated based on ocean industries, while the specific methodologies and parameters for evaluating the values of marine ecosystem services are still under development. The aggregation of ocean-specific data with terrestrial data, such as the merging of marine and freshwater fisheries, makes it more challenging to understand the health and economic contribution of the ocean. Despite China’s progress in creating a sophisticated system for analyzing and accounting for its ocean-based industries, there are still areas in the accounting of marine ecosystems that require further improvement and enhancement. China is a major maritime country that attaches great importance to the construction of an ocean economic system, while also promotes ocean governance and conservation. Its development of blue finance has gone through three stages: The first stage occurred during the 12th FYP period and pertained to guidance and regulation of the marine economy. During this time, China supported the restructuring of the marine economy mainly through fiscal and financial instruments. During the 13th FYP period, China entered the second stage, characterized by financial institutions supporting the development of the marine economy, and specific subsets of the marine economy, such as marine fisheries, marine transportation, marine tourism, marine renewable energy industries. The third stage, during the 14th FYP period, was marked by strong financial support for the development of the blue economy. During this stage, the relevant agencies and departments began labelling blue bonds, and financial institutions began issuing blue bonds to support marine conservation and the sustainable use of resources. 3.2.1 Improving the ocean economic accounting There are four essential accounts that connect ocean assets and governance with sustainable economic practices. These accounts include ocean asset accounts, which assess the health of ocean resources; ocean economy accounts that track economic activities and revenues; ocean residue accounts for waste and emissions entering the ocean; and ocean governance accounts that identify management responsibilities and monitor management effectiveness. These four accounts interact dynamically to shape SBE development. For example, expanding ocean-based economic activities may boost GDP (increasing the economy account) but deplete assets and increase residues, further degrading assets if governance is weak. Conversely, sustainability requires maintaining or improving asset conditions, reducing residues, and strengthening governance to ensure responsible management. By balancing these accounts, stakeholders can promote economic growth while preserving marine ecosystems and ensuring long- term sustainability. su tim/iStock.com