Xiamen's economy enjoys solid growth in Jan-Aug
The economy of Xiamen – the port city located in East China's Fujian province – experienced solid growth from January to August, according to the local authorities on Sept 21.
During the period, the city's value-added industrial output by enterprises above a designated size – those with annual revenue of 20 million yuan ($2.79 million) or more – grew by 4.9 percent year-on-year. Twenty-two of the city's 35 major industries saw growth. The growth rate of computing communications and electronics equipment manufacturing was 7.1 percent, while electrical machinery and equipment manufacturing grew by 16.9 percent.
At the same time, fixed asset investment was 206.4 billion yuan, up 10 percent year-on-year. Investment in the secondary and tertiary industries were 39.24 billion yuan and 167.09 billion yuan, up 23.8 percent and 7.2 percent, respectively. Elsewhere, investment in manufacturing was 35.34 billion yuan, up 28 percent year-on-year and accounting for 17.1 percent of the city's total fixed asset investment in the first eight months.
From January to August, Xiamen's total retail sales reached 185.01 billion yuan, up 2.8 percent year-on-year. The retail sales of companies with an annual revenue of 2 million yuan reached 45.12 billion yuan, up 19.1 percent year-on-year.
Xiamen's total imports and exports during the eight months were valued at 607.11 billion yuan, up 5.5 percent year-on-year. Exports came in at 309.31 billion yuan – up 11.7 percent – while imports conducted by private companies were valued at 78.48 billion yuan, up 15.2 percent.
From January to August, Xiamen's general public budget revenue reached 118.96 billion yuan, up 1.5 percent year-on-year. The city's general public budget expenditure reached 67.13 billion yuan, up 5.2 percent. The general public budget expenditure growth in finance, science and technology and healthcare came in at a whopping 170 percent, 45.5 percent and 41.2 percent, respectively.
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.