Xiamen's economy set to rebound in H2

The coastal city of Xiamen in East China's Fujian province is expected to see stronger growth in the second half of this year, thanks to the continuous efforts made by the local government, according to a local media report on Sept 24.

Foreign trade in the coastal city increased 6.4 percent year-on-year to 435.76 billion yuan ($64.54 billion) in the Jan-Aug period, accounting for 50.1 percent of the province's total foreign trade, showing strong signs of economic recovery in the second half of this year.

Due to the COVID-19 epidemic, more consumer spending has moved online and new business forms such as online shopping, online education and livestream marketing are booming, which has contributed to the recovery of consumption.

Officials of the commerce bureau of Xiamen said that the city will roll out an array of supportive measures to stabilize its foreign trade by improving services related to customs clearance, tax refunds and foreign currency. Efforts will be made to promote the transformation and upgrading of industries and optimize the business environment.

The government will also work to attract more high-tech, high-growth, and high-added value projects. New financial assistance plans will be unveiled to accelerate local economic recovery and push forward high-quality development after the COVID-19 pandemic.