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Bonded Area in Coastal City Witnesses Fast Growth
The Xiangyu Bonded Area in the coastal city of Xiamen in east Fujian Province witnessed fast growth in the first half of this year.
Customs statistics show that in the first six months of the year exports from the area reached 18 million yuan (2 million US dollars), up 80 percent from the same period of last year; and imports reached 150 million US dollars, up nearly 100 percent.
The customs office collected duties totaling 37 million yuan (4. 5 million US dollars) in the first six months of the year, equal to the total duties collected last year.
During the period, the area attracted foreign investment worth 15 million US dollars and saw the settlement of many big IT companies.
The area was founded in November 1993 at the approval of the State Council. Its economy resumed vitality in the second half of 2000 after a downturn due to the investigation into a large smuggling case in 1999.
Now the area is setting distribution and storage service, the hi-tech industries and the processing trade as its preferential sectors. More than ten big foreign distribution and storage companies have settled in the area, with a total investment of 15 million US dollars.
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