Xiamen's actual use of foreign investment expanded by 38 percent year-on-year in the first three quarters of the year. [Photo/VCG]

Xiamen's actual use of foreign investment expanded 38 percent year-on-year to 12.96 billion yuan ($1.93 billion) in the first three quarters of the year, accounting for 48.9 percent of the province's total amount, a demonstration of the strong development momentum and resilience of the city's economy.

Statistics show that the contractual foreign capital in the service sector accounted for 89.1 percent of the city's total.

The number of newly established foreign enterprises related to the service sector in Xiamen was 711 between January and September, and these enterprises generated contractual foreign capital worth 23.45 billion yuan, up 11.9 percent year-on-year. Contractual foreign capital in the high-tech service sector in Xiamen rose 37.2 percent year-on-year to 4.89 billion yuan.

Several high-quality foreign-funded projects were also launched in Xiamen during the period. Statistics show that newly established enterprises generated a contractual foreign capital of 15.21 billion yuan.

Many renowned enterprises, such as photography company Meitu and Genius Electronic Optical, expanded their investment in Xiamen in the first nine months of this year, injecting an additional 11.43 billion yuan in contractual foreign capital. 

Presently, the city has beefed up efforts to attract investment and promote quality development. An array of supportive measures was rolled out to facilitate foreign trade and investment and support economic development.