Vital Statistics (2006)
GDP: RMB286.45 billion
GDP Per Capita: RMB 51,285
Economic Growth Rate: 13.4%
Population: 2.16million (urban)-3.44 million (rural)
FDI: US$2.43 billion
Annual Average Wage: RMB 19,674
Government Effectiveness Rating: 33rd
2006 Chinese Cities Comprehensive Competitiveness: 16th

Economic Overview
Situated on the south flank of the Yangtze River Delta, Ningbo was the cradle of the Hemudu Culture with a recorded history going back over 7000 years. A famous port city in China and one of the first coastal cities to enjoy provincial-level decision-making power, Ningbo benefits directly from Shanghai's economic sphere of influence and is one corner of the economic ''golden triangle'' formed by Shanghai, Hangzhou and Ningbo, which is in the absolute epicenter of the wealthiest consumer markets on the mainland and a large part of China's 21st century economic might.

Foreign investors have flocked to Shanghai and this usually includes having a look around the neighborhood, where Ningbo quickly becomes another option. After the First Opium War, Ningbo was one of the five commercial ports opened to Western countries and since that time has remained one of the most important ports in China. Its cargo handling capacity reached 270 million tons in 2005, ranking second among all ports on the mainland and its container handling capacity is 5.2 million units.

The economic and social development of Ningbo is progressing rapidly. The city's vitality comes from an innovative system of market reform where the private sector has become the major driving force and free-market mechanisms have been put in place. The private-sector economy represents 83% of the city's GDP. This transformation has taken place over the past decade with active mergers and acquisitions, as well as management-led buyouts of outdated state-owned enterprises, combined with foreign capital injections.

Ningbo has become one of the most active regions in China with a sustained period of GDP growth exceeding 12% per year. In 2006, the city's GDP reached 286.5 billion RMB, an increase of 13.4 over the previous year and GDP per capita was 51,285 RMB (US$6,568). In recent years, Ningbo's comprehensive competitiveness has been reinforced and the city was listed as one of the most promising on the Chinese mainland by the United Nations. According to the Blue Book of General Competitiveness 2007 released by the Chinese Academy of Social Sciences in March 2007, Ningbo ranks 16th in terms of general competitiveness among 200 Chinese cities.

Ningbo GDP Growth (1996-2006)



Foreign Trade Overview 
Ningbo has experienced rapid and sustained growth in its foreign trade over the past decade. In 2006, exports rose to over US$28.8 billion, up 29.4% and imports were up 19.4%, for a total of US$13.4 billion. Exports of mechanical & electronic products and hi-tech products rose 31.3% and 41% respectively. At the same time, the number of exporters and export personnel in the city continues to grow with over 360 new privately-owned export companies emerging and the export market expanding to cover 187 countries and regions around the world.

 

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