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Fenghua leads Ningbo in economic growth in H1

Updated:2020-08-05 (chinadaily.com.cn)

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The gross domestic product (GDP) of Fenghua district, Ningbo stood at 31.24 billion yuan ($4.52 billion) in the first half of this year, representing a yearly uptick of 1.9 percent, the fastest among all counties and districts administered by Ningbo, according to official data.

The district's fiscal revenue totaled 5.18 billion yuan, an increase of 1.9 percent year-on-year, the second fastest in the city. 

This strong performance is largely attributed to efforts by the district to bolster the manufacturing sector and attract investment.

From January to June, the district renovated 22 old industrial parks with an investment of 670 million yuan, accounting for 67 percent of the district's annual target.

The total output among 30 enterprises included in the district's "Spring Seedling" program over the six-month period totaled 380 million yuan, up 10.09 percent year-on-year. Their R&D spending reached 44.276 million yuan.

Enterprises included in the program are small in size and engaged in the district's high-tech sectors. The program is an effort by local authorities to boost industrial digital transformation. 

Meanwhile, the added value of enterprises above the designated size in Fenghua amounted to 15.557 billion yuan, a jump of 5.3 percent. 

Fixed asset investment in the district expanded 13.4 percent to 13.834 billion yuan, ranking second in Ningbo. 

In addition, Fenghua introduced 20 new projects with a total investment of 4.912 billion yuan, 10 of which received over 100 million yuan in investment.

Total sales of wholesale and retail goods increased 1.7 percent year on year, 1.9 percentage points higher than the city's average and 27.2 percentage points higher than in the first quarter.