|Market Profiles on Chinese Cities and Provinces|
Major Economic Indicators
Notes: 1 In real terms 2 For all state-owned enterprises and other forms with annual sales over RMB 5 million
Ningbo has the second largest GDP among all cities in Zhejiang.
Beilun Port in Ningbo is one of the leading international deep-water ports in China. In 2007, Ningbo's cargo throughput reached 345million tons, an increase of 11.3%; while container throughput surged by 32.4% to 9.4 million TEUs, the fourth major container port of China.
Ningbo is the home of many famous brands in China, such as garment brands -- Youngor, Firs, Romon; stationery brand -- BinBin; and textile thread -- Dunhuang, etc.
Private enterprises are developing at a rapid pace. Many of them are export-oriented, and are engaged in the manufacturing of garment, textile, lighter, stationery, etc.
Ningbo is an important industrial center in Zhejiang. Its production of garments, textiles, electronics, industrial machinery as well as industrial molds is among the highest in the league of mainland cities. By the end of 2007, there were11,017 industrial enterprises (with annual sales over RMB 5 million) in Ningbo. Gross industrial output rose by 25.8% to RMB 779 billion in 2007, the second highest in Zhejiang.
While existing pillar industries are textile and garment, machinery, chemical and electronics, some new industries including building material and pharmaceutical have developed quickly in recent years.
Output Share of Leading Industry Groups 2007
Sources: Statistical yearbook of Ningbo, 2008
In 2007, Ningbo received 30.7 million (+14.1%) domestic tourists with tourism receipts of RMB34.8 (+20%) billion. Overseas tourists reached 689 thousand (+26.9%) with foreign exchange income of US$431 million (+26.8%).
Ningbo has a relatively externally oriented economy. Ningbo's total exports and imports increased by 34.1% in 2007 to US$56.6 billion, with exports accounting for 67.7%.
Major exports items included garment and clothing accessories, yarn and knitted goods, plastic product, lighting equipment, travel bag, shoe, toy, furniture, etc. Major exports markets were the US, Japan and Hong Kong.
Major imports included plastic material, paper pulp, scrap copper, steel product, styrene, accessories of TV, radio and wireless communication equipment, components for integrated circuit and microelectronics, etc. Major sources of imports included Taiwan, Japan and Korea.
Foreign investment in Ningbo is mainly engaged in the manufacturing sector (about 80.8% of the utilized FDI in 2007), particularly in industries like special equipment, electrical machinery and telecommunication equipment.
Major sources of foreign investment include Hong Kong, British Virgin Islands and the US. World famous multinational corporations that have significant investment in Ningbo include Esso, Xerox, Metro, LG, Samsung, etc.
Ningbo is Zhejiang's second largest retail market. Retail sales of consumer goods increased by 17.3% to RMB103.5 billion in 2007.
The retail distribution landscape in Ningbo is also changing. Apart from traditional department stores, various forms of modern operation such as chain stores, supermarkets and specialized stores are developing.
The number of retail outlets
Source: Ningbo Statistical Yearbook 2008
Economic Cooperation between Ningbo and Hong Kong
Hong Kong is the third largest export market of Ningbo, with exports to Hong Kong amounted to US$2,372 million (+100.8%) in 2007. Imports from Hong Kong amounted to US$193 million (+22.7%) in 2007.
Hong Kong is the largest investor in Ningbo. From 1996 to 2007, the total amount of utilized FDI from Hong Kong reached US$6.3 billion, accounting for 39.9% of Ningbo's total utilized FDI for the same period.
Hong Kong's investment was mostly engaged in manufacturing, real estate development and management, hotel and hotel management, entertainment, etc. Hutchison Whompoa formed a joint-venture with the Beilun Container Co. under the Ningbo Port Authority to participate in the development of Ningbo Beilungang container port. Other Hong Kong companies that have invested in Ningbo included Chen Hsong Group.