The services sector has maintained stupendous growth in Ningbo over the past 70 years, becoming a significant powerhouse behind the city's economic progress, according to local authorties.

The output of the services sector in the city climbed from less than 400 million yuan($68.9 million) in 1978 to 490 billion in 2018.

Its size ranked it in second place in Zhejiang province and 14th among 35 major cities nationwide, official data showed.

Officials said the sectors including exhibition, trade, tourism and finance have all gained fast ground Ningbo.

The city has hosted a flurry of large-scale exhibitions over the years, which include the China Machinery Industry Exhibition, the China International Commodity Consumption Expo, the China Home Furnishing Expo, the China Pharmaceutical Machinery Expo and the China-Central and Eastern European Countries Expo.

In 2018, Ningbo's Zhoushan port reported annual cargo throughput of over 1 billion metric tons for a second straight year, being the only one in the world to exceed the 1-billion-ton level.

Its annual container throughput exceeds 26 million standard containers, ranking among the top three ports in the world.

With the fast development of the port, the logistics industry' added value contributed nearly one-eighth of the city's economic output last year. More than 300,000 people are working in the sector in Ningbo.

Ningbo has also been designated as a national pilot zone for cross-border e-commerce, as well as one of the comprehensive pilot zones for insurance innovation and inclusive finance.

The output of the service sectors in Ningbo is on fire. It soared from less than 400 million yuan in 1978 to 490 billion in 2018. [Photo/cnnb.com.cn]