Ningbo shows stable economic recovery Jan-May

A view of Ningbo, East China's Zhejiang province. [Photo/VCG]

Ningbo's economy saw stable growth in the first five months of this year despite macroeconomic volatility and the domestic COVID-19 outbreaks.

The added value of industrial enterprises above designated size in Ningbo increased 4.9 percent year-on-year from January to May, according to the Ningbo municipal bureau of statistics.

The sales of above-quota retailers in the city expanded 10.6 percent year-on-year.

Over the five-month period, Ningbo Zhoushan Port handled 529.7 million metric tons of cargo, an increase of 4 percent year-on-year. The port's container throughput recorded a yearly uptick of 8.1 percent to 14.31 million TEUs.

As of the end of May, the balance of domestic and foreign currency loans and deposits in Ningbo hit 3.1 trillion yuan ($476.92 billion) and 2.9 trillion yuan respectively, up 14.3 percent and 13.3 percent year-on-year.

From January to May, the city's investment in fixed assets achieved a year-on-year growth of 10.8 percent. Its exports accounted for 3.73 percent of the nation's total over the period, 0.12 percentage points higher the previous year.

Ningbo also posted a strong recovery in consumption in the past five months. The city's retail sales of social consumption goods in May decreased 2.6 percent year-on-year. The rate was 13.1 percentage points higher than that of April.