Ningbo ranks 5th nationwide in business climate, report says

A container ship docks at a port in Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo in East China's Zhejiang province has been ranked fifth among cities (excluding municipalities directly under the central government) in China in terms of business climate, according to a recent report.

The report, released by the All-China Federation of Industry and Commerce on Nov 1, was based on a survey polling over 69,000 private enterprises across the country this year.

Hangzhou retained its top position, followed by Wenzhou, Suzhou, Shenzhen, Ningbo, Qingdao, Nanjing, Guangzhou, Changsha, and Chengdu.

In recent years, Ningbo has made sustained efforts in optimizing its business climate by streamlining administrative service procedures.

The city has taken a leading role in Zhejiang to launch electronic business licenses and seals.

All procedures concerning preferential policies by the local government, such as the exemption of tax and social security payments, can all be handled on Yongyiban, an administrative service platform. To date, about 12.958 billion yuan ($1.99 billion) have been redeemed via the platform.

In addition, local entrepreneurs have been encouraged to be involved in formulating enterprise-related policies in the city.

The optimized business climate has bolstered the private sector. Official data show that there were more than 1,063 million private market entities in Ningbo as of 2020, accounting for 96.43 percent of the city's total.

Private enterprises from the city contributed 70 percent of the city's GDP. They also contributed more than 75 percent of its tax revenue, 85 percent of its employment opportunities and 76 percent of its exports.