Ningbo Bonded Area (NBA) was approved by the State Council and established in November, 1992. Divided into east, west and south sections, it covers an area of 2.3 square kilometers.

Ningbo Export Processing Zone (NEPZ) was set up in June, 2002, with a planned area of three square kilometers. During the first phase of its development, an area of two square kilometers was constructed and started operation in October, 2003.

In August, 2004, Ningbo was approved as the pilot spot of the Zone-Port Interaction Project. Ningbo Bonded Logistics Park (NBLP) was established accordingly with a planned area of 0.95 square kilometers and passed check by the national inspection team on August 30, 2005.

NBA and NEPZ share common functions and policies while retaining their special advantages. Both of the zones enjoy the policy of "free license, free duty and bonded duty" and are under special supervision of the Customs, and both are among the most open economic regions with the most preferential policies in China.

NBA has three major functions: import and export processing, international trade, and warehousing and logistics services, while NEPZ specializes in export processing.

NBLP mainly functions as a logistics center and also enjoys the policy of "free license, free duty and bonded duty", as well as tax rebates upon entry of domestic goods into the logistics area.

By exercising unified administration, enjoying the complementary advantages of functions and policies, and improving interactive industry, NBA and NEPZ have some of the best investment environment and most integrated functions in the Chinese mainland. The administrative committees of the two zones jointly handle official affairs on behalf of the Ningbo government. NBLP is also under the administration of the NBA administrative committee.

To date, over 5,000 enterprises with a total registered capital of over $4 billion have been settled in NBA (NEPZ) by investors from nearly 40 countries and regions. Foreign-funded enterprises total 855, with a contractual investment of $2.9 billion. Hi-tech projects numbering 171 have been introduced, with an investment amounting to $2.43 billion.

The zone also accommodates the first industrial clusters of computers, semiconductors, photo electronic devices, precision machinery, and software, as well as a returnees’ innovation center and areas for international trade, warehousing and logistics services.

In May, 2005, the Ministry of Information and Industry granted approval to NBA (NEPZ) to set up the National (Ningbo) Integrated Circuits Industry Park. Since then, NBA (NEPZ) has become a highlight in the development of hi-tech industry in east China and an important logistics distributing center of import and export products.