Economy

Economy Volume

The year 2023 saw the Regional Gross Domestic Product (Regional GDP) preliminarily estimated at 806.649 billion yuan, with a year-on-year increase of 3.1% in comparable prices. Specifically, the added value of the primary industry was 2.773 billion yuan, decreasing by 4.0%; that of the secondary industry was 286.794 billion yuan, down by 2.8%; and that of the tertiary industry was 517.081 billion yuan, up by 7.0%. The proportion of three industries was 0.3:35.6:64.1. 447.20 kWh of electricity was consumed per 10 thousand yuan worth of GDP and 5.98 tons of water was consumed, 0.1 tons fewer than that of last year.

Fiscal Revenue & Expenditure

The general public budgetary revenue reached RMB 157.706 billion with a year-on-year increase of 5.6%, among which the local fiscal revenue increased 5.5% to 93.21 billion yuan. The tax collected in the local fiscal revenue grew 5.3% to 66.504 billion yuan, of which the VAT was 27.544 billion yuan, up by 41.1%; the corporate income tax was 11.738 billion yuan,down by 7.1%; the personal income tax was 6.044 billion yuan, down by 3.0%; and the land appreciation tax was 3.945 billion yuan, decreasing by 53.3%.

The fiscal expenditure leveled off at 108.834 billion yuan compared with the previous year. Of this total, expenditure on education was RMB20.377 billion, increasing by 4.1%; that on science and technology was RMB6.166 million, up by 4.0%; that on urban and rural community affairs service was RMB12.34 billion, up by 3.1%; that on social security and employment was RMB1,170.7 million, up by 20.3%; and that on health care and family planning was RMB10.895 billion, down by 5.2 %.

Industry

In 2023, the value added by the industrial enterprises above designated size flat with the figure over the previous year. Group by economic types, the added value of state-owned holding enterprises increased by 22.5% over the previous year, that of joint-stock enterprises rose by 5.3%; that of foreign-funded and Hong Kong, Macao and Taiwan-funded enterprises decreased by 6.4%, of which the Taiwan-funded ones fell 4.8% and the private ones went down 5.2%. In terms of industrial types, the value-added output for the light industry sector fell 10.5% from one year earlier while that of the heavy industry sector climbed 6.2%. The ratio of added value between light and heavy industry was 1:1.98. The product sales rate was 96.74%, 1.54 percentage higher over the previous year.

Xiamen had seen 12 of its 35 sectors achieve a positive growth of added value in terms of industrial enterprises above designated size. The manufacture of computers, communication and other electronic equipment made the most contributions to the total amount, with a decrease of 6.9%; The manufacture of electrical machinery and apparatus, the smelting and pressing of ferrous metals industry came in second and third respectively, each experiencing an increase of 20.2% and 130%. All of the above contributed to 47.7% of the total value. The added value of enterprises above designated size in railways, ships, aerospace and other transportation equipment manufacturing increased by 26.0% and that of metal products, machinery and equipment repairing increased by 36.8%. The added value of high-tech industries had a decrease of 8.6%, accounting for 40.2% of the total.

Throughout the whole year, Xiamen had 3,029 industrial enterprises above designated size, among which 936 companies, with an annual output value exceeding 100 million yuan, dominated 87.7% of the whole city’s above-scale industrial output. 1,531 enterprises (50.5% of the total) from the two pillar sectors of electronics and mechanics contributed 61.8% of the output value of above-scale enterprises, of which 33.3% was for electronics and 28.5% for mechanics.

The city's industrial enterprises above designated size achieved a profit of 45.264 billion yuan, down 17.1% over the previous year. The cost per 100 yuan of operating income of industrial enterprises above designated size was 82.83 yuan, an increase of 0.15 yuan over the previous year; the profit margin of operating income was 5.8%, a decrease of 1.06 percentage points. By the end of the year, the asset-liability ratio of industrial enterprises above designated size was 47.5%, down 0.2 percentage points from the end of the previous year.

The main products made by the industrial enterprises above designated size were as follows: integrated circuit, with output soaring 7.8% year on year to 48.0755 million pieces; lithium-ion batteries, up 3.1 times year on year to 113 million units; civil steel ships, up 1.7 times to 211.5 thousand DWT.  

Foreign Trade 

The total value of Xiamen’s imports and exports in 2023 was 947.044 billion yuan, an increase of 2.7% over the previous year, of which trade with countries along Belt and Road reached 460.79 billion yuan, an increase of 1.4%; trade with other BRICS countries was 109.25 billion yuan, an increase of 14.4%; and trade with other RCEP member countries leveled off at 315.61 billion yuan. Meanwhile, the scale of cross-border e-commerce imports and exports reached 23.67 billion yuan, reflecting a growth of 65.0% from a year ago. On the export side, the total export value for the city experienced a slight decrease of 3.9% to 447.448 billion yuan, of which exports from lithium batteries, electric manned vehicles, solar cells and other "new" exports were 1.7 times higher year-on-year, reaching 45.49 billion yuan; while the imports was 499.595 billion yuan, rose 9.4% year-on-year .

The private enterprises had imported and exported 431.618 billion yuan worth of value, up by 16.4% from the previous year. Of which exports rose 8.2% year on year to 263.072 billion yuan and imports increased 31.8% to 168.546 billion yuan. The imports and exports volume of foreign-funded enterprises stood at 197.416 billion yuan, dropping by 12.5% over the previous year, among which exports decreased by 19.3% to 119.635 billion yuan and imports increased slightly by 0.7% to 77.78 billion yuan. 

The total value of imports and exports in general trade was 707.596 billion yuan, up by 4.8% year on year, among which the value of the exports was 287.802 billion yuan year on year, down by 3.9%; and that of imports was 419.793 billion yuan, up by 11.8% year on year. 

The year has seen Xiamen’s trade with Taiwan expand 2.6% to 46.452 billion yuan. Of which exports to Taiwan amounted to 20.467 billion yuan, up by 5.2% year-on-year; imports from Taiwan fell to 26.074 billion yuan, edging up 0.6% year-on-year.

Utilized Foreign Capitals

1,682 foreign investment enterprises with contracted foreign capitals of $4.065 billion and actually utilized foreign capitals of $1.974 billion had been approved for the whole year.

73 newly established foreign-invested enterprises, with the total value of investment exceeding US $10 million, altogether attracted US$3.538 billion worth of contracted foreign investment. Of these projects, 51 were newly-approved ones with contracted foreign investment of US$2.122 billion and 22 were capital increment ones with US$1,416 million. As of the end of 2023, 64 companies from Fortune Global 500 companies had invested 115 foreign-funded companies in Xiamen.

Export of Labor Services and Investment

In the year 2023, Xiamen had attracted 174 foreign-oriented agreement investment projects with investment capital from the China side reaching US$1.262 billion, down by 16.5%. The contract value of labor dispatching service amounted to US$16.35 million, surging 230% year-on-year; the annual turnover of the above foreign contracted projects was US$58.45 million, up 38.4% year-on-year; and 12,619 employees of all types had been dispatched for labor services with a year-on-year increase of 24.4%. By the end of the year, the number of outsourced workers rose to 11,414, an increase of 1,011 as compared with last year.