The Xiamen Area of the China (Fujian) Pilot Free Trade Zone in East China's Fujian province is now home to more than 4,200 finance enterprises. [Photo/VCG]

The Xiamen Area of the China (Fujian) Pilot Free Trade Zone in East China's Fujian province is now home to more than 4,200 finance enterprises, which have in turn boosted the city's economic growth, according to a local news report on April 26.

Over the past six years since its establishment in 2015, the area has played an active role in accelerating financial innovations by introducing favorable policies. Innovative methods were explored to promote the development of the area's offshore trade. Additionally, the area attracted 169 private equity funds over the past several years. They collectively manage more than 80 billion yuan ($12.44 billion) in capital.

The area has also made great strides in the development of its financial leasing business, and a total of 445 financial leasing enterprises had registered in the area by the end of March. It has become the country's largest nesting area for the financial leasing of second-hand aircrafts, while financial leasing businesses involved in areas such as ships and integrated circuits have also witnessed growth in recent years.

The Xiamen area has also beefed up its efforts to accelerate digital transformation, and a number of digital platforms have been built, such as the "single-window system" for international trade, which have helped the area accelerate industrial transformation and upgrading and enhance core competitiveness over the years.