City Introduction of Zhejiang, China: Ningbo

Major Economic indicators (2007)

Source: Ningbo Economic and Social Development Report 2007

Introduction

Ningbo, a harbor city in Zhejiang province, is abbreviated as "Yong". Lying at the shore of the East Sea, and facing south of the Yangtze River Delta and Hangzhou Bay, it borders Shanghai to the north, Shaoxing to the west and Taizhou to the south.

The world's longest trans-oceanic bridge - the Hangzhou Bay Bridge - connects the seaport city with the metropolis, Shanghai. Officially opened on May 1, 2008, it cuts the distance from Ningbo to Shanghai from 304 km to 179 km, and shortens the driving distance to less than 2 hours.

The Ningbo-Zhoushan Port is also one of the busiest ports in China, ranking second in China and third in the world in terms of cargo throughput in 2007. It has a specialized dock for the storage of liquidized chemical products - the largest one of its kind in China.

Located in an area with a subtropical monsoon climate, Ningbo has a temperate and humid climate. It has four distinct seasons, with an average annual temperature of 16.2℃ (or 61.16℉).

Economic Features

Ningbo is one of the most important cities in Yangtze River Delta. In 2007, its GDP amounted to RMB 343.3 billion, up 14.8% year-on-year, ranking 12th among all the cities in the mainland and second in the province of Zhejiang.

Pillar industries in Ningbo include port-related industries, equipment manufacturing and high-tech industries. In 2007, it generated RMB 85.5 billion of industrial output from its electrical machinery and equipment manufacturing sector, and RMB 58.2 billion from the manufacture of communication equipment, computers and other electronic equipment. The petrochemical sector has contributed over 15% of the total industrial output value from its secondary industries.

The robust private economy plays an important role in the city’s development. In 2007, the industrial output from its private sector amounted to RMB 556.7 billion, accounting for over 71.5% of the city’s total industrial output.

As Ningbo was among the first batch of coastal cities that were opened to the world, foreign trade plays an important role in the city's economic development. In 2007, the total foreign trade value of Ningbo totaled US$56.5 billion. The EU (US$13.4 billion), the U.S. (US$8.3 billion), Japan (US$5.2 billion), Taiwan (US$4.7 billion) and South Korea (US$3.2 billion) remain the city's top foreign trade partners.

Ningbo has also attracted a large number of foreign investors from Hong Kong, the British Virgin Islands, the U.S., Taiwan, the UK and other countries and regions. In 2007, utilized FDI hit US$2.5 billion, representing an increment of 3.1% from just a year earlier, accounting for 24% the province’s total.