Xiamen signed 41 municipal-level project deals on Sept 8, the opening day of the 2020 China International Fair for Investment & Trade (CIFIT), which is taking place in the coastal city of Fujian province until Sept 11.

The projects, which will receive a record 92.53 billion yuan ($13.41 billion) in investment, include 10 foreign-funded ones with a total investment of 16.65 billion yuan and 31 domestic-funded ones with a total investment of 75.88 billion yuan.

The projects involve high-end service industries such as software and information technology, modern logistics, finance, medi-care, and communication and media, as well as modern manufacturing industries, including artificial intelligence, flat-panel display, integrated circuit, as well as new energy and materials.

Twenty-one projects will receive investments of 1 billion yuan and more. Twelve are regional headquarters projects.

Meituan-Dianping, the country's largest on-demand service platform, plans to spend 3 billion yuan to build a southeastern operation headquarters for intelligent transportation in Xiamen. The project comprises an intelligent parking system, a shared bicycle and bus system, a metro platform, a ride-hailing platform and an intercity transportation platform.

According to the municipal authorities, the city has signed 8,446 project deals with a total investment of 2.78 trillion yuan by the end of August since a municipal investment promotion conference was held on April 29, 2019.

Xiamen has become a hotbed for business and investment due to its sound business environment and dynamic economic growth.