The revenue of the software industry in Ningbo totaled 80.937 billion yuan ($11.73 billion) from January to October, representing a yearly uptick of 19.5 percent, according to local authorities.

The robust growth momentum can be largely attributed to the introduction of a large number of investments in the city's software sector.

The projects include Ningbo Kunpeng Ecological Industrial Park funded by Huawei, Ningbo Industrial Internet Research Institute, Ningbo Artificial intelligence Research Institute of Shanghai Jiao Tong University and Ningbo Research Institute of Northwest Institute of Technology.

On Nov 24, the city's Beilun district reached a partnership with Haier at the World Internet Conference. An industrial internet innovation and development demonstration base for the molding sector will be set up in the district with an investment of 500 million yuan.

In addition, the incentives offered by the local government have also contributed to the fast growth of the software sector in Ningbo.

In early April, the city announced that mobile enterprises in the software sector could be rewarded with a maximum of 15 million yuan.

The move comes after the city announced in September 2018 that it would build itself into a national hub for the software sector with revenue of 100 billion yuan by 2020.