The bustling Xiamen Port. [Photo/WeChat account of Xiamen FTZ]
During the 14th Five-Year Plan (2021-25) period, the Xiamen Free Trade Zone has driven leapfrog, high-quality development in offshore trade, delivering an outstanding performance record.
The value of offshore trade transactions in the zone achieved a historic leap, jumping from $13.19 billion at the beginning of the 14th Five-Year Plan period to $93.81 billion by the end of the period.
Behind these figures lie tangible, comprehensive benefits. Over the five years, offshore trade generated a net revenue of $1.39 billion for the local economy, while creating an average annual gross sales profits of approximately 2 billion yuan ($287 million).
The offshore trade platform of the Xiamen FTZ has obtained two national-level pilot approvals, facilitating cross-border foreign exchange settlements for enterprises. Additionally, it exempts stamp duties on purchase and sales contracts for offshore resale transactions conducted by enterprises within the zone, substantially reducing their operational costs.
The Xiamen FTZ has established the innovative Global Supply Chain and Offshore Trade Financial Services Platform. By leveraging cutting-edge technologies such as blockchain and big data, the platform enables banks to efficiently verify the authenticity of trade backgrounds while helping enterprises accurately apply for stamp duty exemptions.
Offshore trade has evolved into a new landscape characterized primarily by this model, while incorporating various emerging formats such as global sourcing, overseas processing on commission, and goods procurement for overseas contracted projects. It has gradually extended to high-value-added and multi-category goods, including chips, electromechanical products, apparel and footwear, and daily consumer goods for cross-border e-commerce.