Xiamen was one of the first four special economic zones (SEZ) in China. One of the few municipalities enjoying independent status in state economic planning, Xiamen enjoys provincial level autonomy and local legislative power in economic administration.

Xiamen is one of the most competitive cities in China. It ranks the fifth on the "List of the Most Competitive Cities in China" published by the Economic Daily at the beginning of 2002.

Xiamen has become one of the most important ports in China for international trade and cross-Straits trade. Two nationwide investment promotion events are annually held in Xiamen----"China International Fair for Investment and Trade" and "China Xiamen Machinery and Electronics Exhibition".

Xiamen has been a hot destination for foreign investment. By the end of 2003, 6088 foreign-invested projects have been approved with a total contractual value of USD20.79 billion of which USD13.39 billion has been paid up.

Major Initiatives Concerning Economic Development:

1. In Oct. 1980, Xiamen was empowered by the State Council of P.R.C. to establish special economic zone.

2. In March, 1988, Xiamen was approved by the State Council as a city under independent state planning and was granted provincial-level authority in economic administration.

3. From May 1989 to 1993, the State Council granted its approvals for Xiamen to establish Taiwanese Investment Zones respectively in Haicang, Xinglin and Jimei Districts.

4. In Dec. 1990, Xiamen Torch Hi-Tech Industrial Development Zone was established.

5. In Oct. 1992, Xiangyu Free Trade Zone was established.

6. In March, 1994, Xiamen was empowered with local legislative power by the National People's Congress of P.R.C..

7. In Jan. 2002, Xiamen Haicang Export Processing Zone was established.