The Xiamen Software Park Phase III. [Photo/Xiamen Daily]
Since the beginning of 2024, Xiamen's economy has continued to rebound from the second half of last year, with a 5.6-percent increase in gross domestic product (GDP) in the first quarter (Q1), a 2.5-percentage-point improvement over the annual growth rate of the previous year.
Xiamen is accelerating the cultivation and development of new growth drivers as well as optimizing and upgrading the industrial structure of its pillar industries. In Q1, the output value of the electronic information manufacturing industrial cluster increased by 7.8 percent year-on-year.
Xiamen continues to drive industrial innovation and the development of new productive forces through technological innovation, fostering new industries and industrial models.
In Q1, the value added of high-tech manufacturing accounted for 41.9 percent of the value added of industrial enterprises above designated size, an increase of 1.7 percentage points compared to the annual figure from the previous year and marking year-on-year growth of 4.9 percent.
Meanwhile, high-tech service enterprises above designated size accounted for 32.3 percent of the operating income of service enterprises above designated size, an increase of 4.4 percentage points compared to the annual figure from the previous year and marking year-on-year growth of 61.8 percent.
Xiamen adheres to the principle of safeguarding and improving people's livelihoods while promoting development.
Fiscal expenditures are primarily directed towards improving people's livelihoods, with 80.1 percent of fiscal expenditures allocated to people's livelihoods in Q1, a 5.5-percentage-point increase compared to the same period last year.