A bird's-eye view of Xiamen, Fujian province. [Photo provided to chinadaily.com.cn]

Xiamen in Fujian province released on Dec 28 a plan for the city's commercial development during the 14th Five-Year Plan (2021-25) period.

According to the plan, Xiamen will implement a new development layout to build an important channel for the new dual-circulation development paradigm in which domestic and foreign markets reinforce each other.

Xiamen will also work on forming a large domestic market and enhance the role of consumption by promoting economic growth in order to build itself into a consumption-oriented city.

The city will beef up its efforts to develop a higher-level reform and opening-up as well as enhance its ability of allocating global resources.

In addition, the city will keep optimizing the convenience of investment and trading to further improve its business environment.

Based on the plan, Xiamen has created seven goals for the city's commercial development: the total retail sales of consumer goods shall increase at an average annual rate of 8 percent, the online retail sales shall grow at an average annual rate of 15 percent, the imports and exports shall increase at an average annual rate of 5 percent, the actual use of foreign capital shall reach $12 billion in five years, total domestic investment shall amount to 2,000 billion yuan ($313.96 billion) in five years, overseas investment shall total $17 billion in five years, and the economic benefits of exhibitions industry shall increase at an average annual rate of 10 percent.