Xiamen's commercial system drives high-quality development

Xiamen, China, December 11, 2024 -- A ship docks at Xiamen Port. [Photo/Xiamen Daily]

Xiamen's commercial system actively coordinates resources from both domestic and international markets, playing a crucial role in shaping the new development paradigm. Since 2012, Xiamen's total imports and exports have increased to $134.87 billion, and total retail sales of consumer goods have reached 274.33 billion yuan ($37.7 billion), contributing to the economic and social development of the city.

Opening up and strengthening cooperation

Xiamen has been selected as a national pilot city for cross-border e-commerce, service trade, the integration of domestic and foreign trade, and enhancing the quality and efficiency of foreign trade. To date, the city has attracted foreign investment from over 120 countries and regions, with 64 Fortune 500 companies investing in 115 projects.

Xiamen's global network of friends continues to expand, with 238 investment and trade partners. The city has carried out 1,588 overseas investment projects, with Chinese investments surpassing $20 billion.

Meanwhile, cross-Strait economic and trade cooperation is steadily progressing. The number of Taiwan-funded enterprises in Xiamen has exceeded 10,000. This year, Xiamen's trade with Taiwan is expected to surpass $50 billion.

Unleashing potential of domestic market

In recent years, Xiamen has accelerated the pace of industrial upgrading, signing and implementing a large number of high-energy projects with a large scale, advanced technology, including nine major projects worth billions of yuan.

Xiamen has expedited the cultivation of new consumption patterns, digital consumption, and green consumption, leading to significant boosts in consumer spending. For instance, distinctive service consumption brands in areas such as home services and travel photography have gained nationwide recognition, while new areas of consumption like the nighttime economy, flagship store economy, and live-streaming economy are thriving.

Xiamen is rapidly transforming into an internationally renowned city for conventions and exhibitions, with the tourism and exhibition industry becoming to 10 billion-dollar industry chain, positioning Xiamen among the top 10 cities in China in the industry.

Advancing domestic and international connection

Xiamen regards the integration of domestic and international circulations as key to enhancing its global resource allocation capability and to improving the resilience and stability of industrial and supply chains. Currently, there are over 23,000 supply chain enterprises in the city.

Simultaneously, Xiamen is accelerating the digital transformation and upgrading of its ports, having been approved as a national pilot for smart ports.

Contact Info:
Name: Huang Junyao
Email: Send Email
Organization: China Daily
Website: https://www.chinadaily.com.cn/

Release ID: 89148421

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