China’s marine economy has seen an average annual growth rate of 7.2 percent since 2012, reaching 7.76 trillion yuan (around 1.12 trillion U.S. dollars) in 2017, according to a report submitted on Monday for review at a bimonthly session of the National People’s Congress Standing Committee.

China’s marine economy, which consists of three marine economic zones in the north, east, and south of the country, accounted for 9.4 percent of the gross domestic product in 2017, said the report.

China has seen continued development in innovation capability of marine technologies, as well as the industrialization level, the report said, adding that the breakthroughs in major technologies and projects have significantly supported China’s progress toward a maritime power.