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As a historical port city for foreign trade, Ningbo had become one of the three ports for foreign trade in China as early as the 7th century. In 2002, the self-oriented import and export trade volume of Ningbo amounted to 12.273 billion US dollars, increasing by 30.70% as compared with 2001.The growth rate of exports stayed middling in China. In 2002, the actual foreign capital utilized in Ningbo reached 1.247 billion US dollars, increasing by 43% over the precious year. All these achievements have laid a solid foundation for further development of Ningbo's export-oriented economy.
Foreign Trade --- In 2002, the city's total import and export value was USD 12.273 billion, up 38.04% from the previous year. In a breakdown, the export value was USD 8.163 billion, up 30.73% from the previous year, and import value was USD 4.11 billion, up 55.28% from the previous year. In 2002, the city's total import and export value was USD 12.273 billion, up 30.70% from the previous year. In a breakdown, the export value was USD 8.163 billion, up 30.73% from the previous year, and import value was USD 4.11 billion, up 55.28% from the previous year. The export of high-tech products increased, with its total export valued at USD 622 million, up 33.15% from the previous year. At the same time, the number of exporters and exporting personnel in the city continues to grow when 367 new self-managed exporters emerged and the export market expanded to cover 187 countries and regions of the world.
Foreign Investment --- There were 10.17 foreign funded enterprises having been approved in 2002 with a contractual foreign capital of 3200 million US dollars. The actual utilization of foreign capital achieved 1247 million US dollars. By the end of 2002, a sum of 6863 foreign funded enterprises had been approved accumulatively, with total investment up to 21.37 billion US dollars, of which the contractual foreign capital took up 10.409 billion US dollars and the actual utilization of foreign capital reached 6.13 billion US dollars. There were 1017 foreign funded enterprises having been approved in 2002 with a contractual foreign capital of 3200 million US dollars. The actual utilization of foreign capital achieved 1247 million US dollars. By the end of 2002, a sum of 6863 foreign funded enterprises had been approved accumulatively, with total investment up to 21.31 billion US dollars, of which the contractual foreign capital took up 13.61 billion US dollars and the actual utilization of foreign capital reached 6.13 billion US dollars.
Foreign Economic Cooperation --- The turnover of foreign engineering and labor cooperation in 2002 reached 302 million US dollars, grew 4.9% over 2001. The total has been up to 11000 persons by the end of 2002. 72 foreign business offices have been set up with approval in Ningbo and 60 overseas enterprises have been set up abroad. The turnover of foreign engineering and labor cooperation in 2002 reached 302 million US dollars, grew 25.8% over 2000. The total has been up to 12,500 persons by the end of 2002. 72 foreign business offices have been set up with approval in Ningbo and 68 overseas enterprises have been set up abroad.
Main Industrial Sectors
A major industrial base of Zhejiang Province, Ningbo is also a key production area of such economic specialties as grain, cotton and oil as well as aquatic products. An industrial set-up has come into being with petrochemical, power and paper-making as its mainstay and machinery, electronics, metallurgical , building material, light industry, textile & garment and pharmaceutical as its coordinative development. In 2002, its GDP of secondary industry hit RMB £¤82.830 billion. Its agriculture has also witnessed rapid growth. In 2002 the GDP of primary industry reached RMB £¤10.560 billion. An agricultural set-up has also formed with equal stress on grain and cotton production and comprehensive development of diversified economy and of village and township industry. Meanwhile the tertiary industry has also grown rapidly with its GDP reaching RMB £¤56.640 billion. Ningbo has now developed into a coastal port city, advanced in port facilities, completed in industrial set-up, comprehensive in agricultural development and advanced in domestic and foreign trade.
Pillar Industries
Industries of Traditional Advantages
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Textile & Garment Industry |
garment, home textile, and textiles for decoration and industrial purposes |
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Household Electric Industry |
range hood, air conditioner, washing machine and water heater |
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Power Transformer & Transmission System Manufacturing |
HV power transformer & transmission system, and intelligent switchgear |
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Machine Building Industry |
moulding and plastic machinery manufacturing |
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Automobile Related Industry |
key automobile parts, components and motorcar |
Major Port-Based Industries
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Petrochemical Industry |
petrochemicals, fundamental chemical materials and fine chemicals |
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Steel Industry |
smelting & downstream processing of stainless steel and nonferrous metals |
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Power Industry |
with a generation capacity of 4.5 million KW |
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Paper Industry |
making paper and downstream paper products |
Rising Industries
New Technology Industries
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Electronics &
Information Industry |
special integrated circuit, microelectronic modules, networks and products concerned with communication system and microcomputers |
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New Materials Industry |
high-energy magnet, nano-metric material, high molecular material, and new source of energy |
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Biotechnology &
Modern Pharmacy
Industry |
biological and marine pharmaceuticals, new chemical medicine and new preparation of traditional Chinese medicine |
Service Industries
Industries including commerce, tourism, real estate, banking, conference & exhibition, community service, consultancy and etc.
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