New material industry in Xiamen sees solid growth in 2018
The new material industry in Xiamen, Fujian province generated 88.88 billion yuan ($12.88 billion) in 2018, a 14.84 percent increase year-on-year, local media recently reported.
Key companies in the city, including Xiamen Tungsten Co and San'an Optoelectronics Co, posted a staggering increase of more than 50 percent in output value last year.
To date, Xiamen has housed more than 360 new material companies and developed five special new material industry clusterings: function materials, photoelectric materials, composite materials, new energy materials, and advanced carbon materials.
Since 2017, the city has awarded 62 new materials of local companies making their first appearance in China or improved performance indicators.
In 2019, the city plans to make breakthroughs in rare earth materials, materials for li-ion batteries, and semiconductor materials, support new material companies construct technology centers, and attract more resources from home and abroad for its new material industry.
Why Xiamen
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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.