50 Ningbo enterprises listed as 'little giants'
A total of 50 enterprises in Ningbo, East China's Zhejiang province, make the list of "little giant" enterprises recently released by the Ministry of Industry and Information Technology. [Photo/cnnb.com.cn]
The Ministry of Industry and Information Technology recently released a new list of "little giant" enterprises.
A total of 50 enterprises in Ningbo, East China's Zhejiang province, made the list, putting the city at fourth place nationwide and first among cities specifically designated in the State plan.
A total of 1,744 enterprises across the nation won the honorary title. Beijing topped the list with 92 enterprises, followed by Chongqing (67) and Shanghai (63).
Little giant enterprises are outstanding high-tech small and medium-sized enterprises with high growth potential, advanced technology, and strong market competitiveness.
The 50 companies from Ningbo are primarily involved in auto parts, electronic information manufacturing, new materials, high-end equipment, and key basic components.
Seven are engaged in key basic components, the majority of which are pneumatic component manufacturers from the city's Fenghua district.
Official data show that Fenghua is now home to over 400 pneumatic component companies with a total annual output worth over 6 billion yuan ($869.56 million), accounting for one third of the national market and more than half of national exports.
Two magnetic material enterprises made the list as well.
In 2019, the output of rare-earth magnetic materials in China stood at 180,000 metric tons, among which about 7 tons, valued at 13.43 billion yuan, were produced in Ningbo.
The city is currently home to nearly 70 businesses involved in rare-earth magnetic materials.