Measurement of the ocean wealth of nations in China: An inclusive wealth approach

摘要

Ocean GDP has been the dominant indicator for measuring ocean wealth and ocean economy development in China since the implementation of the Ocean GDP Accounting System in 2006. However, ocean GDP has indicated plenty of limitations over time, such as expressing excessive concern about material production rather than resource and environmental costs. Further, it is an income-based flow concept rather than a wealth-based stock accounting concept. This paper explores a new metric of measuring China's ocean wealth from the perspective of sustainable development. The inclusive wealth approach is introduced in the national ocean wealth measurement of China based on the expansion of the scope of the traditional concept of ocean wealth. In addition, the ocean manufactured capital, ocean human capital, ocean natural capital, the total value of ocean inclusive wealth, and the wealth composition are calculated. The results show that China's ocean inclusive wealth decreased over the years except for a slight growth in 2013 and 2014, and it is unsustainable as a whole. The value of ocean natural capital far exceeded ocean manufactured capital and ocean human capital. Although ocean manufactured capital and ocean human capital experienced an absolute growth, ocean natural capital declined notwithstanding its value, proportion or per capita value. Ocean inclusive wealth of China dropped at a higher rate when both CO2 damage and demographic growth were taken into account. As compared to ocean GDP, the ocean inclusive wealth is much larger, but relatively stable.