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Ningbo rolls out ambitious plan for service sector

Updated:2020-04-22 (chinadaily.com.cn)

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The Ningbo government aims to increase the added value of the city's service sector to one trillion yuan by 2025, which would account for roughly 52 percent of the city’s gross domestic product (GDP). [Photo/cnnb.com.cn]  

Ningbo recently released plans to develop its service sector, as it seeks to become a service hub of the southern Yangtze River Delta. 

By 2025, the city aims to increase the added value of its service sector to one trillion yuan ($144.9 billion), which would account for roughly 52 percent of its gross domestic product (GDP). 

The service sector has become an important engine of economic growth in the city.

Ningbo's GDP totaled 1.1985 trillion yuan in 2019, moving up three spots since last year to 12th place nationwide. The service industry accounted for 49.1 percent of the city's economic output, increasing one percent over the previous year. 

To achieve this ambitious goal, local authorities will prioritize the development of sectors such as modern trade, logistics, finance, creative culture, and tourism.

By 2025, the Ningbo government aims to develop the city into a center for international trade and oil and gas resource allocation. Authorities also hope to increase the total value of the city’s commodity sales to 5 trillion yuan.

The city is on its way to becoming a national logistics hub revolving around ports, and the government hopes to increase the revenue of the city’s logistics industry to over 5 trillion yuan.

The government will work to develop the city into a regional financial center of the southern YRD with 6 trillion yuan in total financial assets. 

It also hopes to increase revenue from cultural and creative businesses in the city to 500 billion yuan by 2025. 

In addition, authorities will work to make the city an international leisure tourism destination generating 500 billion yuan in tourism revenue, as well as a national innovation hub with a focus on the software industry. 

Efforts will be made to develop the catering, health, and senior care, real estate leasing, and property service sectors, and increase each of their annual revenues to at least 50 billion yuan. 

Authorities also hope to have 3.2 sports instructors for every 10,000 people in the city, making it a model city for the sports industry.