Ningbo and Economic Trends
Ningbo is a large sub-provincial city located in the northeastern part of Zhejiang Province in East China. The city covers 9,816 km2 and has a population of 9.4 million. Ningbo governs six districts, two counties, and two county-level cities.
The port of Ningbo-Zhoushan is one of China’s major ports for international cargo and container transport, which is also assured by good shipping and airline services. The Ningbo-Zhoushan International Airport ensures a steady flow of passengers and convenient logistics and transport.
The city is a dynamic business hub. A highly developed private sector is the most distinctive feature of Ningbo, as well as the main force behind the city’s dynamic socioeconomic development. Ningbo’s GDP reached 1,241 billion RMB in 2020 with an increase over previous year of 3.3%. The city’s overall per capita disposable income increased in 2020 to 77,758 RMB.
In 2020, the total import and export volume reached 978 billion RMB, with an increase of 6.2% compared to the previous year, with the total value of exports of 640 billion RMB and the total value of imports of 338 billion RMB, up 7.3% and 5.6% percent respectively.
Taking full advantage of its port and favorable opening-up policies, Ningbo has become a nationwide economic center of advanced manufacturing. The project involves the establishment of a modern manufacturing system with a full range of industries. Ningbo has provincial-level autonomy in making economic and financial policies.
Main Sectors in Ningbo:
Petrochemicals and equipment manufacturing
Energy efficiency and environmental protection
Electronics and IT manufacturing
Main Industrial Areas in Ningbo:
Ningbo National High-tech Zone
Ningbo Economic & Technical Development Zone
Ningbo Hangzhou Bay New Area
Ningbo Free Trade Zone:
Authorized by the State Council in 2002, the Ningbo Free Trade Zone covers a total area of 3 km2 together with the Zhejiang Ningbo Export Processing Zone. Enjoying the national preferential policy of “certificate exemption, tax exemption and free trade” and operating in the mode of “inside the border and outside the customs”, the NFTZ has the functions of import and export production, international trade, bonded storage and product exhibition.
The NFTZ has established itself as a high-tech development base and an important import and export logistics distribution center in East China with its industrial clusters of computer, optoelectronic semiconductor, precision machinery and software, and clusters of international trade and warehousing logistics enterprises.