Gulangyu Island in Xiamen. [Photo/Xiamen Bureau of Statistics]

In the first half of the year, Xiamen achieved a regional gross domestic product (GDP) of 398.38 billion yuan ($55 billion), representing a 4.9 percent increase compared to the same period last year. Specifically, the value added in the secondary and tertiary industries increased by 5.0 percent and 4.9 percent, respectively.

Steady Industrial Production Operation

In the first half, Xiamen's value added in large-scale industries increased by 7.4 percent, marking a 14.0 percentage point rise from the same period last year, with more than 80 percent of industries experiencing growth. 

Out of the 35 major industrial categories in the city, 29 industries saw an increase in value added, showing the effectiveness of modern industrial clusters.

Rapid Growth in Service Sector

From January to May, Xiamen's revenue from large-scale service industries increased by 28.6 percent, marking an improvement of 18.0 percentage points compared to the same period last year. The information transmission, software, and information technology services sector grew by 44.6 percent, while the leasing and business services industry saw a growth rate of 34.8 percent. Additionally, the transportation, warehousing, and postal services industry grew by 19.4 percent.

Steady Development in Construction Industry

In the first half, Xiamen's total output value in the construction industry reached 164.33 billion yuan, showing a 6.0 percent increase and surpassing the national average by 1.2 percentage points. Within this sector, residential and civil engineering construction grew by 9.5 percent and 0.8 percent, respectively. Companies with special-grade and first-grade qualifications accounted for 83 percent of the city's total construction output value.

Achieving Growth in Fixed Asset Investment

In the first half, Xiamen's fixed asset investment increased by 0.2 percent, marking an increase of 8.9 percentage points compared to the same period last year. Investment in the secondary industry grew by 21.6 percent. Industrial investment increased by 22.7 percent, contributing 4.4 percentage points to the overall investment growth. Private investment, Hong Kong, Macao, and foreign investments showed stable growth, increasing by 13.4 percent and 5.2 percent, respectively.

Sustained Market Sales Growth

In the first half, Xiamen's total retail sales of consumer goods reached 151.28 billion yuan, up by 2.2 percent. Retail sales of goods amounted to 132.04 billion yuan, increasing by 1.6 percent, while catering revenue reached 19.24 billion yuan, a growth rate of 7.0 percent. 

The demand for trading in old items for new ones is on the rise, with retail sales of NEVs above the designated limit increasing by 22.2 percent. The online consumption market is expanding, with the online retail sales of physical goods accounting for 43.4 percent of the total retail sales of consumer goods above the designated limit.

Steady Progress in Residential Security

In the first half of the year, Xiamen's Consumer Price Index (CPI) decreased by 0.3 percent year-on-year. The overall balance of local and foreign currency deposits and loans in financial institutions remained stable, with various loan balances growing by 3.5 percent. The passenger throughput and cargo throughput at the airport increased by 18.2 percent and 25.7 percent, respectively. 

Nearly 80 percent of fiscal expenditures were allocated to people's livelihoods, a 7.2 percent increase. Household income and expenditure remained stable, with per capita disposable income and per capita living expenditure for all residents increasing by 4.7 percent and 6.2 percent, respectively.