Ningbo is a very important economic hub and port city. Historically a port city for foreign trade since the 7th century, Ningbo currently is a major exporter of consumer products, electrical products, textiles, food, and industrial tools.

In 2002, Ningbo economic activity reached USD 12. 273 billion, up 38. 04% from the previous year. The exports totaled USD 8. 163 billion, up 30. 73% from the previous year. In addition, Ningbo imported 4. 11 billion US dollars of goods, up 55. 28% from the previous year. Towards the end of 2002, there were 6,863 foreign enterprises operating in Ningbo with a total foreign investment estimated to be 21. 37 billion US dollars.

Ningbo's economy grew 14. 8 percent in 2007. The city's per capita output is $8,026, more than three times the national average and very competitive to Shanghai's $8,949.

In the first quarter this year (2008), despite the hazardous economic situation home and abroad and natural disasters, the overall economic situation in Ningbo maintains stable and the social undertakings are going steadily. In the period, the GDP of the city increases by 12% over the same period of the previous year, with a drop of 2. 2 points over the same period of last year.

According to Ningbo Statistic Bureau, the first industry, the second industry and the third industry increase by 1. 7%, 12. 0%, and 12. 9% respectively. The gross industrial output value of the city amounts to 229. 9 billion yuan, increased by 21. 3% over the same period of previous year, with a drop of 5 points over the same period of last year. In the first quarter of this year, the income in the general budget reaches 23. 64 billion yuan, increased by 24. 8% over the same period of previous year, of which, the local finance income reaches 12. 75 billion yuan, increasing by 33. 8%.

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 2006, its GDP of secondary industry hit RMB £¤157. 59 billion. Its agriculture has also witnessed rapid growth. In 2006 the GDP of primary industry reached RMB £¤13. 95 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 £¤114. 91 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

Textile & Garment Industry	garment, home textile, and textiles for decoration and industrial purposes
Household Electric Industry	range hood, air conditioner, washing machine and water heater
Power Transformer & Transmission System Manufacturing	HV power transformer & transmission system, and intelligent switchgear
Machine Building Industry	moulding and plastic machinery manufacturing
Automobile Related Industry	key automobile parts, components and motorcar

Major Port-Based Industries

Petrochemical Industry	petrochemicals, fundamental chemical materials and fine chemicals
Steel Industry	smelting & downstream processing of stainless steel and nonferrous metals
Power Industry	with a generation capacity of 4. 5 million KW
Paper Industry	making paper and downstream paper products

The Goal for Prospects by the Year 2010

By the year 2010, the general goal for the development of society and economy in Ningbo is that the main targets would come up to the standards of the medium-sized developed countries in the development of economy and society in the city, that per capital domestic gross output value of production would double by the year 2000, and that Ningbo would be basically built into a modern, socialist and international port city with the solid economic strength, the further opening-up, the flourishing science and culture, the rich people's life, the good mood of society, and the beautiful surroundings in the urban and rural areas. The progress would be obviously made as follows:

The Internationalized Port. The Ningbo Port would become a key international deep-water transshipment hub and a large ocean container transshipment base on the continental coast of China. Its annual handling capacity would be 200 million tons, including over 5 million standard containers.

The Compact Industry Constitution. The agriculture would form a new pattern of commodity and modernization. The industry, which can be provided with the higher added value, the higher technology intention, the available export and the better benefits, would become the backbone of the second industry. The tertiary industry system would come into being with the complete range of departments and the perfect functions.

The Modernized City. Ningbo would be basically built into a central city south of the Yangtze River Delta Area, featuring the reasonable area layout, the perfect infrastructure, the normalized administration, the effective operation, the flourishing science, education and culture, and the beautiful surroundings.

The export-oriented economy. Ningbo has been taking part in the international competition in an extensive way. As concerns technology, market, fund and operation system, the city would behave in line with the international criterion to establish the well-developed production and marketing system for export and become an important port for trade in our country.

The marketable economic operation system. The economic operation system wold be set up in connection with the clear relationship between production and distribution in enterprises, the market competition on the basis of equality, the mature market system, the macro control and the available social protection. The economic system of socialist market would be more perfected, and the economy and society would be developed in full flourish.

The coordinated economy, society and environment. The social development system, focused on the overall development of the human being and the social ecological environment where people live in harmony with nature, is basically formed to carry out the high unity of substance and spirit civilizations.