According to a report issued by the Qingdao municipal commission of development and reform on Feb 28, the added value of the marine economy in Qingdao equaled 111.44 billion yuan ($17.9 billion) in 2012, an increase of 19.9 percent.

As a new economic growth sector, Qingdao's marine economy accounts for 15.3 percent of the city's GDP, a 1.2 percent year-on-year rise, contributing 2.8 percent to the city's GDP growth.

Edited by Michael Thai, Li Xiaoliang and Gao Yuan