Xiamen - Economy

Economy

Xiamen has a diverse and well-developed economy. Primary economic activities include fishing, shipbuilding, food processing, tanning, textiles, machine tool manufacturing, chemical industries, telecommunications and financial services. The city has economic and trade relations with 162 countries and regions worldwide, and benefits from foreign investment, particularly capital from Hong Kong, Macau and Taiwan.

In 2008, a total of 356 projects with foreign direct investment had been approved in the city, with a contractual foreign investment amount of US$1.896 billion and an actual foreign investment amount of US$2.042 billion. In 1992, Xiamen was ranked among the top 10 Chinese cities in relation to comprehensive strengths with its GDP increasing by an average of over 20% annually. In 2008, Xiamen's GDP amounted to 156 billion Yuan, an increase of 11.1% over the previous year; and the per-capita GDP was 62,651 yuan (US$9,017). Further economic reforms were introduced, and this brought the total volume of imports and exports in 2008 to US$45.4 billion, while that of exports totalled US$29.4 billion.

Xiamen is also the host of the China International Fair for Investment and Trade held annually in early September to attract foreign direct investment into the Chinese mainland.

Xiamen has excellent road, rail, air and port infrastructure. In the last few years, Xiamen has invested more than RMB30 billion in infrastructure construction.