Xiamen focuses on new drivers for economic growth

The coastal city of Xiamen – located in East China's Fujian province – is reportedly focusing on new growth drivers to power its dynamic economy in the years ahead.

One example of this is a new industrial plant for manufacturing lithium batteries for China Lithium Battery Technology Company. When completed, it is expected to have an annual production capacity of 10 GWh.

It is expected that the project will play an important part in Xiamen building a complete industrial production and supply chain for new energy vehicles, as well as also helping to accelerate the city's transformation and upgrade of its industry chains.

In recent years, Xiamen has been beefing up its efforts to develop 12 separate industrial chains, each valued at 100 billion yuan ($15.38 billion), as well as a modern industrial system focusing on high-end manufacturing and modern services.

With the support of the local municipal government, Xiamen has fostered six national-level industrial bases and industry clusters in the fields of photoelectricity, software, biology and new medicines.

Statistics showed that last year, a total of 354 national high-tech enterprises established operations in  Xiamen and that 296 high-tech, high-growth and high added-value resident companies reported sharp growth last year. Thirty innovative measures, rolled out in the Xiamen Area of the China (Fujian) Pilot Free Trade Zone, were replicated and promoted nationwide in 2020.

Efforts have also been made to transform and improve the industrial structure of Xiamen, while the tertiary industry has grown into a main driver for its economic growth.