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Overview of Xiamen Economy
Posted by: Tomlee (IP Logged)
Date: April 20, 2015 06:28AM
As a beautiful seaside city located on the southeast coast of China, Xiamen faces Kinmen Islands and lies opposite Taiwan and the Penghu Islands across the Taiwan Straits. Legend has it that white egrets inhabited this area in ancient times, hence its name Egret Island. Its annual average temperature is around 20°C, without extremes of heat or cold. With a land area of 1,573.2 km2 and a sea area of 390 km2, Xiamen administers six districts, namely Siming, Huli, Jimei, Haicang, Tong'an and Xiang'an. Southern Fukinese is the city's pervasive local dialect among its 3.73 million permanent residents.

Xiamen is one of the most competitive cities in China and one of the first Special Economic Zones on the mainland. As a vice-provincial city independently listed on the state development planning, it is granted provincial-level authority on economic administration and local legislative power. In 2010, Xiamen SEZ was expanded to cover the whole municipality. Now it has already become a modern and international port city featuring beautiful scenery. In 2013, the per capita GDP of the permanent residents exceeded USD 13,000. The fiscal revenue accounted for 27.3% of the local GDP and the residents’ per capita income ranked first in the whole province.

Known as one of the most livable cities in China, Xiamen has been awarded numerous national and international honors, such as National City of Excellence in Social Ethics, International Nations in Bloom, UN-Habitat Scroll of Honor Awards, National Sanitary City, National Garden City, National Model City for Environment Protection, China Excellent Tourist City, China Top Ten Livable Cities, etc.. It is also one of the top ten tourist destinations and one of the most frequently visited international cruise terminals in China. The major tourist attractions include Gulangyu Island, Wanshi Botanic Garden, Island Ring Road, Nanputuo Buddhist Temple, Horticulture Expo Garden, Jimei School Village, Dadeng Islands, Haicang Bridge and Huoshaoyu Ecological Park.

The mainstream industries in Xiamen include the six pillar industries of electronics, machinery, shipping and logistics, MICE, finance and commerce and software and information services, and six emerging industries, namely information technology, biology and new medicines, new materials, energy conservation and environmental science, marine high-tech industry and cultural and creative industry.

The trade and commerce sector was a great contributor to Xiamen’s economy. In 2013, the added value of this sector grew by 3.6% to RMB 40.23 billion, the highest in the tertiary industry. It accounted for 13.3% of the GDP and 25.8% of the total added value of the tertiary industry. During the same period, the added value of the finance sector was RMB 25.42 billion, rising by 12.0%; that of the real estate sector was RMB 27.14 billion, up 12.0%; while that of the transportation and logistics sector was RMB 19.19 billion, increasing by 6.7%.

In 2013, the output value of the industrial establishments with annual sales income exceeding RMB 20 million reached RMB 467.85 billion, increasing by 13.1% over the previous year.
In 2013, the output generated by the two pillar industries – machinery and electronics – rose by 4.8% to RMB 303.27 billion, accounting for 64.8% of the total output of all industrial establishments with annual sales income exceeding RMB 20 million.
Of the total output of industrial establishments with annual sales income exceeding RMB 20 million, 76.5%, i.e. RMB 357.77 billion, were generated by foreign, Hong Kong-, Taiwan- and Macao-funded enterprises, rising by 15.5%.
Xiamen is the largest producer and exporter of tungsten products in the world, the largest producer of hearing aids and hearing equipment in the Asia-Pacific region and a major computer exporter and aircraft maintenance center in China.
Xiamen is one of China’s biggest producers and sellers of digital audiovisual devices, capacitors, IC lead frames, relays and optoelectronic equipment.
By the end of 2013, 55 out of the Fortune 500 companies had set up business and invested in 100 projects in Xiamen with a total investment of USD 5.71 billion.

Xiamen is home to many famous national and international brand names such as Xoceco (Prima), Amoi, XGMA, King Long, Topstar, Cheng Shin, Yinlu, Huierkang, Gulong, Yinxiang, Wish and New Wish. Xiamen has gained competitive advantages in the country in various sectors including engineering machinery, power distribution equipment, large- and medium-sized buses, tungsten product processing and aircraft maintenance.

Edited 1 time(s). Last edit at 04/20/2015 06:30AM by Tomlee.

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