XIAMEN: Dubbed the “window” of China’s opening up, the coastal city of Xiamen in the eastern province of Fujian is at the forefront of paving the way for high-quality development.
The gross domestic product of Xiamen surged from 292.2 billion yuan (RM188bil) in 2012 to 780.3 billion yuan (RM502bil) in 2022, an annual increase of 7.5%. Foreign trade exceeded 900 billion yuan (RM579bil) in 2022.
During the period, accumulated fixed-asset investment totalled over 2.5 trillion yuan (RM1.6 trillion) in the city and the annual realised investment more than doubled to 297.1 billion yuan (RM191bil) in 2022.
Last year, the output value of machinery and electronic information manufacturing stood at about 550 billion yuan (RM354bil) or 61% of its total industrial production value.
Emerging industries such as biological medicine, new energy and new materials took up 32.4% of the total, while cultural and creative industries maintained double-digit growth.
Established in 1993, Taikoo (Xiamen) Aircraft Engineering Co Ltd (TAECO) played a pivotal role in the transformative journey of Xiamen, propelling it to become a pioneer in developing China’s aeronautical maintenance industry.
According to Li Zhenglin, vice-president of TAECO, the advantage of Xiamen as one of China’s special economic zones compelled the company to begin its business in the city.
“The implementation of favourable policies and streamlined customs clearance procedures has significantly contributed to the rapid growth of the engine maintenance, undercarriage servicing, and power transmission and distribution industries,” Li said.
He added that the local government made significant strides two years ago by deciding to exempt import tariffs on aviation materials, a remarkable step for domestic enterprises to cut costs in aeronautical maintenance.
Meanwhile, Xiamen is making efforts to attract foreign investment, especially in areas of high-end trade, intelligent equipment, financing and biological medicine.
ABB Xiamen Switchgear Co Ltd, founded in 1992, is another joint venture in Xiamen.
Eric Cai, the company’s general manager, said that the firm has upgraded its production lines from traditional switch-gear to smart ones over the past 30 years.
“This is a high-quality development path,” Cai said, adding that such progress would not have been achievable without the improving business environment in China and preferential policies in Xiamen.
Xiamen has been accelerating major infrastructure projects for global transport, including the construction of a new international airport in its Xiang’an district, slated for completion in 2026.
By the end of March 2023, 296 investment projects in the countries and regions along the Belt and Road Initiative (BRI) had been registered in Xiamen, with a total contracted volume of US$6.04bil (RM28bil).
These projects cover the manufacturing, wholesale and retail, agriculture and fishery sectors.
As a result, 689 foreign-funded enterprises have been established in Xiamen by BRI countries and regions in the past decade, with contracted utilised foreign capital standing at US$1.04bil (RM4.8bil).
In 2022 alone, the number of newly launched BRI foreign-funded businesses more than quadrupled, and the trade volume of cross-border eCommerce surged by 43.7%.
Thanks to the BRI, Xiamen has established cooperation with domestic and foreign institutes and colleges to nurture talent. It had 22 sister cities and 15 friendly ports worldwide as of the end of 2022.
Better livelihoods for the locals have been a top priority of Xiamen government’s work.
During the 2012 and 2022 period, the disposable income per capita in Xiamen’s urban and rural areas saw an annual increase of 7.8% and 8.9%, respectively. — Xinhua
