Xiamen ranks 10th nationwide in foreign trade volume in 2020
The coastal city of Xiamen in East China's Fujian province witnessed strong growth in foreign trade in 2020. [Photo/xmnn.cn]
The coastal city of Xiamen in East China's Fujian province witnessed strong growth in foreign trade last year, with its total foreign trade volume ranking 10th nationwide, according to a report released by Chinese financial news outlet Yicai on March 29.
Official data shows that the city's foreign trade expanded 7.8 percent year-on-year to 691.58 billion yuan ($106.92 billion) in 2020, the highest in history.
The city's exports grew 1.2 percent year-on-year to 357.29 billion yuan last year, while its imports surged 16 percent year-on-year to 334.29 billion yuan, both of which were record highs and accounted for 49.3 percent of the province's total foreign trade.
Meanwhile, Xiamen's foreign trade dependence rate exceeded 100 percent last year. The foreign trade dependence rate - a ratio of foreign trade volume to the city's gross domestic output - is a significant indicator reflecting the connectivity between the regional economy and the global 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.