Siming district holds a project signing ceremony on Sept 8 at the 23rd China International Fair for Investment and Trade.

A Siming district project signing ceremony took place on Friday at the 23rd China International Fair for Investment and Trade in Xiamen, marking the district's achievements in attracting investment and boosting development.

During this year's fair, 90 projects were signed to be launched in Siming district, with a total investment of 38.2 billion yuan ($5.2 billion). They include entrants from Fortune Global 500 companies, China's top 500 companies, State-owned enterprises and foreign-funded ventures.

The projects spotlighted advantageous industries in the district, including commerce and trade, culture and creative industries, software, telecommunications and financial services.

Adhering to the concept that entrepreneurs are the city's partners, Siming has supported the development of business entities.

A variety of measures have been introduced to support growth and encourage high-level talents to innovate and start businesses, and the Smart Siming Enterprise VIP Service Platform has become a useful tool to empower development.

From January to August, the district saw 21,500 new business entities registered — an increase of 8.6 percent year-on-year.

"The governments of Xiamen city and Siming district have given us full support, facilitating our company's growth and providing assistance in times of difficulty," Guo Jinyi, chairman and chief executive officer of Luckin Coffee, said at the signing ceremony.

Luckin Coffee launched its first store in Siming district in 2018, and in June, its 10,000th outlet opened on Zhongshan Road in the district.

In recent years, building on a solid foundation in the financial industry, Siming district has continuously innovated its financial service system, bringing together key development-supporting elements such as office space, capital, talent and services.

By leveraging the multiplier effect of financial policies and tools, it has built an advantageous financial industry.

As of July, Siming district was home to 135 fund management institutions registered under the Asset Management Association of China, accounting for about 40 percent of Xiamen city's total.

The district has also formulated a document to guide development and management for private equity investment fund agglomeration clusters. Four clusters have already been established to gather leading institutions in the industry and specialized expertise in niche areas, with a layout that is more optimized and shared.

"Siming district has favorable policies and a superior geographical location. Xiamen University has an obvious advantage in terms of talents, coupled with numerous funds that are very important for our high-tech companies seeking investments," said Yao Ming, chairman of Xiamen Yaoming Group.

The funds will invest in and support startup companies and promote more science and technology enterprises to settle in Xiamen, boosting the high-quality development of the city.

Meanwhile, the effect of the financial industry in Siming district continues to manifest and empower a variety of industries.

Currently, industrial guidance funds and their subsidiaries in the district have invested in a total of 402 physical enterprises, with a total valuation of approximately 106.8 billion yuan.