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Investment boom sees port bloom as eastern business hub
By Li Hui (China Daily)
Updated: 2009-11-17 07:59

Attracting investment

To attract more investors from home and abroad, Xiamen has made considerable progress in the construction of its industrial zones. At present, Xiamen has established three large development zones - the Torch (Xiangtan) Industrial Development Zone for hi-tech industries, the Tong'an Industrial Zone, focusing on electronics and machine manufacturing, and the Xiamen Software Park.

Optoelectronics, electronics, petrochemicals and machine building are now the key industries in these industrial zones, as well as throughout Xiamen.

The Xiamen Software Park is a new major driving force for the local economy. By the end of September, the park had yielded a sales income of 6.8 billion yuan.

The Xiamen Torch Industrial Development Zone was ranked No 4 among the top 10 hi-tech development zones in China, in terms of comprehensive competitiveness.

Foreign investment has also played an important role in the economic growth of Xiamen. To date, it is home to 8,284 overseas-funded businesses, with a combined investment of $30.61 billion.

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According to local statistics, 47 of the world's top 500 multinational corporations - including Kodak, Dell, GM, Boeing, Panasonic, NEC, Toshiba and ABB - have opened operations in Xiamen, making the city a truly global manufacturing base.

In 2008, the gross industrial output value of foreign-funded business accounted for 79 percent of the city's total. Their exports and imports took up 60 percent of the total, whilst their hi-tech output value accounted for 76 percent of the city's total in the field.

In 2008 the city's foreign trade volume hit a record high of around $45 billion.

One of the reasons behind the boom in foreign investment and trade in Xiamen is that it is the host city for the nation's largest international investment event - the China International Fair for Investment and Trade (CIFIT), held there every September.

This year's 13th CIFIT attracted 13,768 foreign delegates and 492 foreign companies and organizations from more than 100 countries and regions. CIFIT is gaining increasing recognition and reputation on the global stage. The fair has now established itself as one of the key investment promotion bridges between China and the rest of the world.


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