The production plant of Zhejiang Geely Holding Group at Ningbo, Zhejiang province. [Photo provided to China Daily]

The gross domestic product (GDP) of Ningbo Hangzhou Bay New Area reached 68 billion yuan ($10.46 billion) in 2020, an increase of 6.8 percent year-on-year, the fastest among administrative areas in Ningbo, official data show.

The investment in fixed assets in the area amounted to 25.74 billion yuan, up 18.6 percent year-on-year, 13.1 percentage points faster than the city's average.

Last year, a total of 73 investment projects, including Geely Auto and Smart, that had a combined value of 40.974 billion yuan were introduced to the area, an increase of 131.54 percent year-on-year.

The projects are primarily involved in sectors including headquarters economy, digital economy, biomedicine, auto parts, culture and tourism.

A "1+3+4" industrial system has been formulated in the Ningbo Hangzhou Bay New Area.

The "1" refers to the auto sector, which serves as a cornerstone for the area's development. Local authorities aim to lift the output value of the auto sector to 200 billion yuan by 2025.

The "3" refers to the sectors of new materials, high-end equipment and intelligent home appliances. In 2020, the output value of the new materials sector in the area surged 17.5 percent year-on-year to 19.04 billion yuan. 

Lastly, the "4"  refers to the sectors of electronic information, biomedicine, general aviation and energy conservation.