The coastal city of Xiamen in East China's Fujian province sets one-year development goals for promoting the growth of its business sector. [Photo/VCG]

The coastal city of Xiamen in East China's Fujian province has set one-year development goals for promoting the growth of its business sector, with the aim of fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other, according to a conference held in the city on Feb 3.

This year, the city will continue to roll out measures to further strengthen its epidemic prevention and control, and maintain steady economic recovery. Efforts will also be made to secure adequate food supplies and stabilize market prices.

Priority will be given to attracting strategic emerging industries, leading enterprises of the advanced manufacturing industry, and headquarters companies this year. Xiamen will further expand the opening-up of sectors including automobile and finance.

The city will continue to accelerate its pace of consumption upgrade and innovation as it strives to become an international consumption center. Efforts will also be made to promote its e-commerce business, with the aim of building itself into a national demonstration base for e-commerce. Xiamen will also aim to develop the nighttime economy to expand consumer demand. 

Foreign trade in Xiamen achieved steady progress last year, with exports of epidemic prevention and control materials generating 19.42 billion yuan ($3 billion) in 2020, a remarkable growth of 375.7 percent year-on-year.

Local authorities said that the city will beef up efforts to facilitate the innovative development of its foreign trade this year. Exports of mechanical, electrical and high-tech products as well as imports of high-quality products will be expanded. 

The conference and exhibition sectors will be further boosted, with authorities set to offer subsidies to conference and exhibition companies. The city will also introduce new regulations to help the sector integrate with competitive and major industries in the city.

Xiamen will build platforms to foster high-level opening-up and continue to raise the level and scope of regional cooperation. Trade and business cooperation with BRICS countries and those involved in the Belt and Road will be further deepened. Xiamen will also explore new ways to expand cooperation with Taiwan, especially in some competitive industries.