Xiamen gains great achievements in utilizing foreign capital in 2014
Xiamen city has gained great achievements in developing its open economy system and utilizing foreign capital in 2014, Mayor Liu Keqing reported at the 4th session of the 14th Xiamen Municipal People’s Congress (XMMPC) on February 4.
According to Liu’s government work report on the conference, Xiamen approved 416 foreign-invested projects, including 19 projects with each having a value exceeding $100 million, in 2014. The contract volume on foreign capital to be utilized reached $2.85 billion, and the foreign capital utilized by Xiamen in real terms came to $1.97 billion, both of which ranked 1st in Fujian compared with other cities, and up 49.5% and 5.3% year on year, respectively.
A series of large-scale investment projects have been launched in Xiamen, and the city has realized a total of $53.1 billion in import & export trade in 2014, accounting for more than half of the entire amount in Fujian. Xiamen’s Gross Domestic Product (GDP) totaled $327.3 billion in 2014, up 9.2% compared with the same period of the previous year,
Besides, Xiamen has been approved as part of the Fujian Free Trade Area in 2014, which will be a great opportunity for the city to further push the development of its open economy.
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.