Xiamen processing trade continues to transform
Xiamen city in Fujian province made big strides in transformation and upgrading of processing trade in the first half of 2014, said the city’s commerce bureau on its website on July 23.
The transformation of Xiamen’s processing trade consists of two parts, namely changing processing trade to general trade and changing processing of investor's raw materials to processing of imported raw materials, which will increase the additional value of export goods.
Statistics show that in the first half, foreign-funded enterprises completed $3 billion in export of general trade, up 16.6 percent year-on-year. The figure is 15.9 percentage points higher than general exports of foreign-funded enterprises and 19.4 percentage points higher than general export of all enterprises in the city.
The export value of processing of imported raw materials reached $5.4 billion during the period, accounting for 89 percent of the export value of processing trade by foreign-funded companies and 1.2 percentage points higher than last year.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.