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Global access buoying Xiamen's economy
By Li Hui (China Daily)
Updated: 2009-11-17 07:59
Located in the southern part of east China's Fujian province, about 370 km from the Taiwan Island, the coastal city of Xiamen is now highly-regarded for its foreign-oriented economy, thanks largely to its global transportation network and its internationalized financial institutions. With a highly developed transportation network, Xiamen enjoys close links with the rest of the country and with the world at large. It is a major road, air, and shipping hub, connecting the Yangtze River Delta and the Pearl River Delta, two of the most potent economic powerhouses in China. The Xiamen Port is one of the country's top 10 ports and one of the eight largest container terminals in China. It is ranked 22nd among the top 100 ports worldwide. The port has 137 container shipping lines that operate 490 vessels, traveling each month to nearly all the major ports in the world. As the first port in China authorized to handle direct cargo shipping business with Taiwan, its throughput of cargo, to and from its neighbor, now exceeds 3 million containers. It also has freight routes to Hong Kong, Japan, South Korea, Southeast Asia, Australia, the Americas, Europe, the Mediterranean Sea, the Persian Gulf and the Middle East. As part of the 11th Five-Year Plan (2006-10), the port is expected to receive a total of 14.5 billion yuan ($2.12 billion) of investment for construction and expansion. In 2010, the Xiamen Port is predicted to have a bulk cargo throughput of 120 million tons and the capacity to handle 10 million containers. In terms of air transportation, Xiamen Airport, with its links to 82 airports around the world, is one of the top 10 airports in the country and the fourth busiest airport for passenger entry and exit in China. It is now a regional air hub in east China, second only to Shanghai, with 37 international and regional passenger air routes. It now has regular flights to many of the world's major cities, including Tokyo, Osaka, Seoul, Singapore, Kula Lumpur, Penang, Manila, Bangkok, Yabi, Kuching, Hong Kong and Macao, as well as air cargo services with links to Chicago, Los Angles and Nagoya. Thanks to the provincial government's active program of expressway and railway construction over recent years, Xiamen now has access to rapid rail connections with many inland areas. Xiamen is also one of the 47 highway hubs designated by the Chinese Ministry of Communications. It is linked to the national highway network through the Fuzhou-Xiamen Expressway. The Fuzhou-Xiamen Railway and the Xiamen-Shenzhen Railway, both of which are under construction, will provide convenient rail transportation for the city. The expressway linking Xiamen, Zhangzhou and Quanzhou and other major inter-city road routes gives access to all of the major destinations throughout China. The inner-city transportation system is also well developed. The central area of Xiamen - located on Xiamen Island - is now linked with neighboring areas on the mainland via the Xiang'an Undersea Tunnel, the Jimei Bridge and the Tong'an Bridge.
In addition to its developed transportation network, Xiamen is also known for its financial environment, which has lured a number of foreign banks to begin operations there. Xiamen now has more than 410 financial institutions providing banking services, giving individual and corporate customers access to a wide variety of financial services and a choice of financial firms. HSBC of Hong Kong, United Overseas Bank of Singapore, Standard Chartered of Britain, Citibank of the US and Mizuho Corporate Bank of Japan, as well as another 14 foreign banks have established branches and representative offices in Xiamen. The city also has 11 domestic commercial banks, including the Xiamen International Bank, a Sino-foreign joint venture.
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