Xiamen and CITIC Group agree to strengthen exchange and cooperation in order to promote the city's high-quality development. [Photo/WeChat Account: touzixiamen]

Xiamen in East China's Fujian province will strengthen exchange and cooperation with China's CITIC Group, aiming to promote the financial development of the city and deepen industrial cooperation between the two parties, according to a conference held in Xiamen on Oct 9.

China's CITIC Group, founded in 1979, is a large State-owned comprehensive transnational enterprise group that integrates financial and retail services. The group posted total assets of 7 trillion yuan ($985.58 billion) in 2018 and ranked 137th in the 2019 Fortune Global 500 list.

Huang Qiang, executive vice-mayor of Xiamen, stated that the Xiamen government highly values its cooperation with CITIC. He expressed hope that the group will leverage its strength in financial services and further expand investment in Xiamen.

Xiamen boasts a first-class business environment and high-quality industrial bases, which is why CITIC is looking to enhance cooperation in industry and finance, according to Su Guoxin, a representative from the company.