Xiamen’s development and reform commission and statistics bureau delivered first quarter economic data for the prefecture-level city on April 19.
The authorities said that the city achieved an 8.1 percent growth in regional GDP in the first quarter of 2017, while smoothly pushing forward with integrating industrial upgrades and sustainable urban development.
Xiamen’s regional GDP reached 90.6 billion yuan ($13.2 billion), up 8.1 percent from last year, while maintaining a 0.5:43:56.5 ratio of primary, secondary, and tertiary industries.
Export reached 70.3 billion yuan, falling by 2.4 percent; however, utilized foreign investment grew by 3.5 percent to reach 6.1 billion yuan ($880 million).
Fixed assets investment totaled 48.2 billion yuan, up 10.2 percent. Total retail sales of consumer goods reached 35.9 billion yuan, up 12.4 percent. The consumer price index went up by 1.5 percent.
Financial revenue totaled 19.7 billion yuan, up 15.4 percent. Per capita disposable income grew 7.9 percent to reach 13,437 yuan, while per capita disposable income among rural residents climbed by 8.8 percent to reach 6,201 yuan.
The authorities shared their observations of the regional economic situation.
First, agricultural works progressed steadily
Integration of primary, secondary, and tertiary industries in rural areas is deepening. In total, 894 agricultural technicians and independent farmers participated in 22 technical training sessions. Routine examinations of vegetable, fruit, and animal products saw qualification rates of 93.8 percent, 100 percent, and 99 percent.
Second, emerging industries are surging
The high-tech industry grew rapidly. High-tech enterprises above a designated size took up 65.9 percent of the total added value of all industrial enterprises above the designated size. Biological medicine and panel displays realized two-digit growth. Software service grew by 18.3 percent. Online retail sales grew by 52.4 percent, 40 percentage points higher than the growth in total retail sales of consumer goods.
Third, the tertiary industry made greater contributions to the total
Added value in the tertiary industry reached 39.1 billion yuan, up 8.7 percent. Service, finance, and insurance, wholesale and retail grew in added value by 18 percent, 10.5 percent, and 8.6 percent respectively, while logistics and storage, and postal service each grew by 8.7 percent. Added value of real estate experienced a drop of 12.4 percent.
Fourth, foreign investments were mostly channeled to the high-tech sector
Xiamen led the province in terms of attracting foreign investment. The city saw 289 enterprises set up in the area during that period, 7.8 percent more than last year. Utilized foreign investment reached 6.1 billion yuan ($880 million), taking up 34.6 percent of the total in the province.
Of the total utilized foreign investment in Xiamen, 3.72 billion yuan ($540 million) went to manufacturing, growing 270 percent. High-tech industries including integrated circuits and new materials attracted most of the foreign investment.
Fifth, private sector investment grew steadily
Private sector investment grew by 9.8 percent, taking up more than 30 percent of fixed assets investment, which totaled 48.2 billion yuan. This growth momentum was propelled by development of major projects in optoelectronic, foreign trade and logistics, and the culture and creative industry. Streamlining administrative measures and easing market access also encouraged investment from the private sector.