The ceremony in celebration of the 20th anniversary of China's venture capital business is held in Suzhou, Jiangsu province on Dec 2. [Photo/zj.zjol.com]

Ningbo, the second largest city in East China's Zhejiang province, was recently honored as one of the most active ten cities in China in terms of venture capital markets.

The appraisal was conducted by the China Venture Capital Association, a prestigious national venture capital organization, at the ceremony in celebration of the 20th anniversary of China's venture capital business in Suzhou, Jiangsu province on Dec 2. 

"Starting in the 1990s, China's venture capital has gone through a rapid development, with the nation now ranking among the top countries in this field," said Xu Xiaobo, an inspector from the finance department of the National Development and Reform Commission. 

Ningbo, in particular, boasts a favorable business climate for venture capital.

It has been appointed as a pilot city for the nation’s financial system reform and financial computerization, and has been known as a city that has opened its financial industry to the outside world over the four decades since the initiation of reform and opening-up. 

It is also the cradle of China's modern insurance and was approved by the State Council in 2016 to build the nation's first insurance innovation pilot zone.

In addition, the Ningbo government established a special fund for guiding the venture capital in 2012, attracting many entrepreneurial projects and innovative talents to settle in the city. 

Statistics show that there are currently 91 listed companies from home and abroad in the city, among which 75 are listed in the A-share market, making the city one of the top ten in China for the number of A-share listed companies. 

The fund had invested nearly 4 billion yuan ($0.58 billion) in 100 local companies by 2017, and has been honored as an outstanding government-guided fund for many years.