Ningbo ranks 5th nationwide in business climate: Report

A view of Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo in East China's Zhejiang province again ranked fifth among cities (excluding municipalities directly under the central government) in China in terms of business climate in 2022, according to a recent report.

The report, released by the All-China Federation of Industry and Commerce on Nov 4, was based on a survey polling over 89,000 private enterprises across the country this year.

Hangzhou retained the top spot, followed by Wenzhou, Guangzhou, Shenzhen, Ningbo, Changsha, Nanjing, Suzhou, Qingdao, and Hefei.

In recent years, Ningbo has made concerted efforts to increase the ease of doing business in the city by streamlining administrative service procedures. Authorities, for example, have been making all procedures related to business registration available online.

The optimized business climate has bolstered the private sector. Official data show that there were 1.16 million private market entities in Ningbo as of 2021, accounting for 96.5 percent of the city's total.

Private enterprises in the city achieved 963.04 billion yuan ($148.16 billion) in added value, making up 66 percent of the city's GDP.

Forty-one companies in Ningbo made the lists of the top 500 Chinese Private Enterprises, the Top 500 Chinese Private Manufacturers and the Top 500 Chinese Service Enterprises released by the All-China Federation of Industry and Commerce in September.