Xiamen's contractual foreign capital up 21.9% in Q1
The coastal city of Xiamen in East China's Fujian province witnesses a robust growth in attracting foreign funds in the first quarter of 2020. [Photo/VCG]
The coastal city of Xiamen in East China's Fujian province attracted contractual foreign investment totaling 6.75 billion yuan ($954 million) in the first quarter of 2020, up 21.9 percent year-on-year.
The city attracted 222 new foreign-invested enterprises in that period, and the actual foreign capital utilization was 5.97 billion yuan, growing by 30.1 percent year-on-year and accounting for 53 percent of Fujian's total number.
Statistics showed that high-tech manufacturing in Xiamen saw robust growth in the first three months of this year. The city's actual foreign capital utilization totaled 1.15 billion yuan, up 9.9 percent year-on-year, and that of the high-tech service sector increased by 18.9 percent to 520 million yuan.
From January to March this year, the city attracted 22 foreign-funded projects with contractual foreign investment exceeding $10 million.
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.