Quanzhou pushes hard for quality economic development

equanzhou.com| Updated: Jul 13, 2020 L M S

Since the start of the year, the city of Quanzhou in East China's Fujian province -- while strictly adhering to novel coronavirus epidemic prevention and control measures -- has effectively overseen the resumption of work and production, to rejuvenate the real economy.

From January to May this year, Quanzhou's direct foreign investment hit 2.07 billion yuan ($295.7 million), a year-on-year increase of 46.2 percent, ranking it first in the province.

In the month of May alone, the city's added value from manufacturers above a designated size -- those with annual revenue of 20 million yuan or more -- as well as fixed asset investment and total retail sales of consumer goods increased by 7.4 percent, 11.5 percent and 4 percent respectively year on year.


Workers make sports shoes and clothing at a production workshop in Quanzhou. [Photo/fjsen.com]

To reduce the impact of the epidemic on micro, small and medium-sized enterprises, Quanzhou launched a series of measures and policies to help them since February.

These focused on areas such as increasing financial incentives, reducing the burden of rent and corporate taxes.

Officials said that from March, Quanzhou decided to vigorously develop e-commerce and online sales. The Quanzhou municipal government signed a strategic cooperation agreement with Pinduoduo, a new e-business platform on April 23.

The two sides launched the Quanzhou online industrial livestreaming festival to accelerate the recovery of major industries in the city through consumption and it is expected that the annual online sales will exceed 100 billion yuan.

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