Xiamen reports fast growth in foreign trade, investment

Foreign trade in Xiamen, a coastal city in southeast China's Fujian Province, soared 28 percent year-on-year in 2004, totaling 24 billion US dollars, according to sources with the city's foreign trade department.

Figures released by the department show that the city's importsand exports grew by 23.5 percent and 31.7 percent to 10.1 billion dollars and 13.9 billion dollars respectively, the bureau noted.

The city also saw 57.69 percent and 35.13 percent increases respectively in contractual and actual foreign investment, totaling 1.005 billion dollars and 570 million dollars. It had approved the establishment of 435 foreign-funded businesses in 2004.

Among the 435 businesses, 70 involve an investment of more than ten million dollars each and absorb a combined investment of 676 million US dollars.

Service sector had absorbed 248 million dollars in contractual foreign funds, a year-on-year increase of 120 percent. Industries of electronics, machinery and chemicals received contractual investment of 541 million dollars, a surge of 71.88 percent.

Source: Xinhua