Di Yi Cai Jing·2025-10-10 07:25Core Insights - The development of China's yacht economy is still in its early stage characterized by "supply not meeting demand" despite favorable conditions such as a per capita income of approximately $13,500 and good port infrastructure [2][3] - The yacht industry has a long supply chain involving design, manufacturing, sales, consumption, supporting services, and infrastructure, which can significantly contribute to economic growth and job creation [1][2] Industry Overview - China's shipbuilding industry has a dominant global position in oil tankers, cargo ships, and container ships, accounting for over 50% of the global shipbuilding market in terms of completed and ordered vessels [2][3] - In contrast, the yacht manufacturing sector is lagging, with a projected output value of only 12.8 billion yuan ($1.9 billion) in 2024 and exports of merely $600 million, significantly lower than Italy, the Netherlands, and Germany [2][3][4] Economic Impact - The yacht economy can drive service consumption, which has been increasingly important for China's GDP growth, with service consumption currently at only 17.9% compared to the U.S. at 45.8% [9][10] - The yacht economy can stimulate various sectors, including high-end tourism, professional services, and training industries, thereby enhancing overall economic activity [10][12] Employment Opportunities - The yacht economy has the potential to create numerous job opportunities across manufacturing, maintenance, and service sectors, with examples from regions like Zhuhai and Sanya demonstrating significant employment generation [16][17] - In comparison, the U.S. yacht industry saw employment rise from 691,000 in 2018 to 812,000 in 2023, while Italy's yacht economy created 157,000 jobs in 2022 [16][17] Infrastructure Development - The growth of the yacht economy necessitates upgrades to infrastructure, including ports, waterways, and public facilities, which can enhance regional economic attractiveness [17][18] - Successful yacht economies, such as those in Monaco and Cannes, serve as international symbols, attracting investment and talent while improving local infrastructure [17][18] Policy Recommendations - To fully realize the potential of the yacht economy, targeted policies should be implemented during the 14th Five-Year Plan period, focusing on top-level design, market access, and innovation encouragement [2][18]