The 22nd World Business Leaders Roundtable takes place at the Xiamen International Convention and Exhibition Center on September 7 (WEI YAO)  

Global ocean governance will lead to a new trend in international maritime cooperation, according to Lu Bin, Chairman of the China Ocean Development Foundation (CODF), at the 22nd World Business Leaders Roundtable in China’s costal city Xiamen on September 7.   

As China is intensifying efforts to peak its carbon emissions before 2030 and reach carbon neutrality before 2060, the blue carbon economy’s dynamic development can not only help protect the marine ecological environment but also provide financial support for the restoration and preservation of marine ecosystems, Lu said.  

This, in turn, promotes a virtuous cycle of the marine ecology and boosts the ocean economy, thereby assisting in reaching the goals of carbon peaking and neutrality. 

This year’s roundtable took place with the theme Promoting and Sharing New Momentum for the Development of the Marine Industry. It was a supporting event for the 23rd China International Fair for Investment and Trade in Xiamen, Fujian Province, from September 8 to 11.  

The event invited minds from the political and academic arenas as well as from the private sectors from countries and regions participating in the China-proposed Belt and Road Initiative, which aims to boost connectivity along and beyond the ancient Silk Road routes. The participants shared new ideas and technologies for the innovative development of the ocean economy. The sum of the economic activities of ocean-based industries and the assets, goods and services provided by marine ecosystems is commonly defined as the ocean economy. 

Lu said the integrated expansion of the ocean industry requires the formation of a high-level think tank partnership and the creation of an open cooperation platform for the development of the ocean economy, an acceleration of the successful implementation of major hi-tech projects in the marine sector, and a deepening of international exchanges and cooperation in the field of ocean economy.   

According to him, the CODF has collaborated with more than 40 coastal cities in China to plan a series of major hi-tech projects in the marine sector. The foundation has also signed agreements and memorandums of understanding for maritime Silk Road projects with 18 countries, including Thailand and Bangladesh.   

In his keynote address at the roundtable, Wang Xun, Vice President of the World Trade Center Association, emphasized that the ocean economy is one of the most promising sectors for China, a country with an extensive coastline. Wang added China’s gross marine product value is expected to surpass 10 trillion yuan ($1.36 trillion) in 2023, becoming a crucial driver of the country’s economic growth. 

Harley Seyedin, President of the American Chamber of Commerce in South China, believes technological innovation has become a key driving force for the sustainable development of the ocean industry. Achieving the transformation and upgrading of the industry relies heavily on the continuous empowerment of technological innovation, according to Seyedin. 

Copyedited by Elsbeth van Paridon   

Comments to taozihui@cicgamericas.com