Ningbo City in China
Ningbo, China is home to over 9.5 million people and has long been a globally important economy. Located on China’s east coast, south of the Yangtze River Delta, Ningbo is an advanced manufacturing center with total exports rising year-on-year to RMB 823 billion in 2022.
Ningbo’s commitment to innovation and growth was announced very early, as it became one of China’s first coastal cities to open its doors to the world. Since then, the Ningbo Port has grown to its dominance today as the world’s largest port and a key part of the city’s existence as a global trade and logistics hub.
As of 2022 data, Ningbo, China has a regional gross domestic product (GDP) of RMB 1.57 trillion (USD 24,37bn), exhibiting a 3.5 percent GDP increase from 2021. Ningbo’s value-added rose by over 3 percent, demonstrating strong growth in its manufacturing industries.
The Ningbo economy also exhibited a 10.4 percent year-on-year growth in investments in fixed assets in 2022. Crucial to Ningbo’s notable growth are its key industries, which contribute to the overall annual increase of the city’s primary, secondary, and tertiary sectors.
With a yearly throughput volume of more than 100 million tons, the Ningbo Port, also known as the Port of Ningbo-Zhoushan is the focal point of Ningbo’s port and logistics industry. It is a vital port for storage and transport in East China and is one of the country’s main ports.
Additionally, Ningbo’s dominant manufacturing, IT & electronics, and chemicals industries continue to attract significant foreign investment from across the globe.
Advantages of investing in Ningbo
As earlier mentioned, Ningbo’s location in China’s Zhejiang province, and more importantly on the coast of the East China Sea deems it an optimal strategic location for trade. And, situated just over 2 hours from the global economic hub of Shanghai, Ningbo is well positioned as a vital hub for companies seeking to utilize the Yangtze River Delta trade routes.
Ningbo boasts 10 national development zones, which include the Linkong Economic Demonstration Zone and the High-tech Zone. These initiatives have witnessed generous investment into local port facilities and transportation networks, creating a modern city with future-proof infrastructure.
Alongside Ningbo’s successful efforts to upgrade its infrastructure, local government officials have introduced a host of incentive policies aimed at facilitating foreign investment projects. These policies include profit distribution incentives which grant eligible enterprises extra tax benefits if equity investment profits are reinvested. Other government support includes land supply guarantees, financial support expansion, and overseas talent market optimization for foreign-invested enterprises.
Thanks to the over 340 readily available vocational training agencies located in Ningbo, China, the city is a vibrant home to over 2 million skilled workers, which furnishes an attractive talent pool to foreign businesses seeking to establish overseas hubs.
Why Invest in Ningbo?
Ranked by Forbes as the 7th Top City in China for Business, Ningbo’s diverse blend of enterprise, education, and culture renders it a strong contender for foreign investment.
Ningbo’s globally dominant seaport with 19 port areas and connections to the Pacific Ocean’s busiest trade routes is a major player in the region’s presence on the stage of international commerce. In combination with Ningbo’s advanced transportation networks, the port ranks 1st globally for total cargo throughput and has done so for the last 11 years.
The Ningbo economy is an innovation hub, home to many locally & foreign funded enterprises. From manufacturing to petrochemicals, Ningbo’s growing industries facilitate forward thinking business attitudes that support the locality’s position on the world trade stage. Out of the 41 Chinese Delta region cities, Ningbo is ranked fifth for innovative industry potential, which recognizes local efforts to develop emerging sectors.
To showcase the City’s commitment to improved market access and continuous growth, the Ningbo Bureau of Commerce has announced upcoming openings in its economy and further support for foreign investment. Examples of local support for foreign investment include Ningbo’s development of the foreign investment management system which seeks to harmonize internet and government services in the hope of simplifying procedures and reducing registration times.
Ningbo’s strong annual GDP growth is vital for the overall growth of the Chinese economy and is one of the many factors attracting worldwide foreign investment to Ningbo.
With its advanced development zones and commitment to supporting innovative enterprises, Ningbo is quickly becoming a hub for emerging manufacturing, IT, and petrochemical businesses – a trait already recognized by Forbes.
As Ningbo’s economy continues to grow, and the local government continues to introduce initiatives facilitating foreign-funded enterprises, Ningbo stands in good stead to become the home to some of the world’s most innovative companies.
These local commitments to enhanced global commerce are perfectly complemented by the Ningbo port and its establishment as one of the world’s most important hubs in transportation and logistics networks. Ningbo is a city of tomorrow, and foreign businesses are acting fast.
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