China's seafood consumption is expected to grow 40 percent by 2020 amid its growing economy, an industry report said yesterday.

 

Seafood consumption is expected to rise to 36 kilograms per capita by 2020 from last year's 26 kilograms, Glitnir said in a report yesterday.

 

The figure in 1990 was 11.5 kilograms.

 

Freshwater fish and mollusks are favored among Chinese consumers, and more expensive fish are expected to reach the plates of people across the country.

 

On the supply side, China is also growing as the world leader in aquaculture. With the exception of shrimp, consumption of which has grown tenfold in the last decade, China is forecast to meet its demand independently.

 

China is the world's largest seafood producer, accounting for 35 percent of global production. Shandong Province is the country's biggest seafood production province.

 

The country has seen a rapid growth in aquatic production in the past 25 years, averaging an annual growth rate of 15.22 percent from 1980 to 2004.

 

The Nordic/Icelandic-Norwegian financial group is considering upgrading its Shanghai representative office into a branch.

 

The group opened its first Chinese representative office in Shanghai in December, and profit prospects are better than expected, Larus Welding, chief executive officer of Glitnir Bank said yesterday in Shanghai.

 

The specialty lender really focuses on the seafood, offshore supply vessels and sustainable energy sectors.

 

(Shanghai Daily November 6, 2007)