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Headquarters economy in Ningbo gains traction

chinadaily.com.cn| Updated:  April 2, 2021 L M S

Hebang Mansion in Ningbo's Yinzhou district encapsulates the city's robust growth momentum in the headquarters economy. 

The office building currently houses more than 250 well-known enterprises, among which 31 are the regional headquarters of listed companies.

Data from the Ningbo Municipal Bureau of Service Industry shows that Ningbo was home to over 500 corporate headquarters as of the end of September 2019.

A total of 143 Fortune 500 companies had set up regional headquarters in the city, with businesses spanning a wide range of sectors including new financing, medicine, new materials, smart cars, green petrochemicals and global trade.

In January 2020, local authorities rolled out an action plan to achieve further growth in its headquarters economy.

The city is aiming to become home to more than 1,000 corporate headquarters by 2022, making it a leader in the headquarters economy in the Yangtze River Delta region and the nation, according to the plan.

Authorities will prioritize the development of the headquarters economy and ride the wave of opportunities generated by the current reshaping of the headquarters business model and global layout among multinational enterprises.

More efforts will be made to introduce the headquarters economy in fields such as logistics, global trade, green petrochemicals, smart vehicles, innovative materials, biomedicine, modern finance and digital information.

In 2012, Ningbo was ranked among the top 10 cities in China in terms of the capability of developing a headquarters economy.