A file photo of Xiamen Cross-border E-commerce Industrial Park [Photo/Xiamen Daily]
With its business climate improved, industry structure streamlined, and growth momentum strengthened, the Xiamen Area of the China (Fujian) Pilot Free Trade Zone experienced stable economic growth in 2021, Xiamen Daily reported.
The area's GDP reached 88.04 billion yuan ($13.86 billion) in 2021, an increase of 12.8 percent from the previous year, according to local authorities.
The imports and exports jumped 51.3 percent to 147.97 billion yuan in 2021. Of that, imports increased by 233.1 percent to 66.58 billion yuan, while exports increased by 4.6 percent to 81.39 billion yuan.
Notably, imports and exports of the cross-border e-commerce sector surged by 207 percent during the same period.
In addition, the area's customs clearance efficiency took the lead among the top 10 coastal ports in China. The average time required for imports and exports clearance was 30.56 hours and 1.56 hours, respectively.
As a pilot zone for Xiamen's reform and innovation, the FTZ was approved to carry out new-type offshore international trade in June 2021. The trial helped increase the FTZ's offshore trade volume by 62.9 percent, totaling $11.19 billion in 2021.
Meanwhile, the area went to great lengths to attract investors. According to official figures, in 2021, projects worth a total of 175.88 billion yuan were signed, including 78 projects supported by the world's and China's top 500 corporations, as well as significant State-owned enterprises.
China has launched a new pilot program to allow eligible enterprises greater access to overseas financing in support of green and low-carbon transformation projects, the country's foreign exchange regulator said on Aug 21.
To further streamline the experience, China is expanding tax refund stores, broadening the range of refundable goods, and refining refund procedures, ensuring an efficient and seamless shopping experience for global visitors.
